After the scandal, we got rid of our chief auditor. We hired a new chief auditor from Citi. Within 1 month, her coverage area at Citi received a major public consent order. No action. We kept her. I am really surprised the media didn’t jump all over the Boards lack of effort to take action.
Within a year after that, tragedy struck and we then promote a different former Citi alum that was her backup. So, now we have someone viewed as less than the former problem we had. Citi is now a public disaster and we know most of these people were awful.
The misses in risk coverage at Wells Fargo have been huge lately. Skill levels went down the drain. New hires have been awful.
What gives? We somehow had a stronger Audit group a decade ago. Major regression. You can almost see disaster coming.