It's all smoke and mirrors folks. We keep laying off low level support employees in spirit of efficiencies because that's what Wall St. likes to hear. But the real fat and waste is in layers and layers of lazy and corrupt managers making huge bonuses while pretending to add value.
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They are dishonest and corrupt to the core. Nothing will change until all the legacy manager are gone and we start with a clean slate.
It seems everyone has already forgotten that the executive in charge of the risk area for the bank jumped to his death in Delaware headquarters only in September... Furthermore none of the board members even mentioned it or acknowledged it, further shows that Wells Fargo doesn't care about risk... Except when auditors come around.
https://www.dailymail.co.uk/news/article-12577517/Wells-Fargo-executive-46-jumped-death-banks-Delaware-offices-leaving-shocked-family-searching-answers.html
Give us a hint
I turned in an issue and for that I have spent an entire week with various members of Employee Relations coming at ME to see how I found this versus anything like "hey thanks for doing the right thing". This place is toxic and if you see something - WALK AWAY.
Just wait when RCSA implementation is over this year, 75% of the people associated will be gone in the US. Backfilled with I&P, skeleton US side teams. After that no one will rock any boats especially when the economic floor drops out. WF is TBTF and will essentially just be an extension of the Fed. It is over Johnny, OVER. Collect what you can, pray to be one of the few, if you are over 50 and W forget it, best you can hope for is severance.
There is a leader in IRM (who is at the same level as a Control Executive) that REFUSES to challenge/come down on a particular control executive for some reason that none of us can figure out, no matter HOW poorly (and at times, unethically) this CE or their team perform. Too concerned about "maintaining the relationship". So yeah, there is ZERO interest in actually doing what we are meant to do, because maintaining the relationship is WAY more important than identifying any front-line gaps or failures.
Are the so-called regulators in hibernation? I guess they have already imposed maximum penalty on us with an asset cap and breaking up the bank will be too complicated. Executive seemed to have stopped caring since they still getting full bonuses. Only people who continues to suffer are customers and 99% of employees.
@fcw you’re a hater
Anyway, this is standard practice across the industry. If independent risk managers were truly independent then we wouldn’t need regulators. The fact of the matter is risk managers are hired to identify the big things and make sure the business has a reasonable story to tell regulators when they find small things.
If risk managers wrote an issue for everything the bank would look even more out of control
💯
And Control is even further in the pockets of the business group. There is no true objectivity, anymore.
I was in financial services consulting prior to wells and I agree there are excessive layers of management here which contributes to so many of the issues.
Sounds like you should aspire to be a manager
It's shocking to hear about down time in groups like Internal Audit where new auditors on the team are making $100k+ and have long gaps between audits. Like the OP said, it seems like the real fat to be trimmed isn't the lower-level folks. But who knows, maybe the axe just has yet to catch up to those groups...
Blah managers this and blah managers that. Can you imagine any workplace without managers? Some are good and some are bad but the bad ones manage up to save their stinking jobs.
Hey, I resemble that remark