Why is everyone in Tech feeling the pain from the big failure in Payments? More layoffs to follow for sure.
12 replies (most recent on top)
TK is a disaster
All that needs to be said is that stupidly enormous amounts of money were sent to the wrong destinations. It was all rolled back and reprocessed so technically no initial losses. But there will be losses due to transactional fees, lost opportunity, regulatory fines, etc.
But freezes happen for a multitude of reasons. The current freeze has little to do with Wells (other than we’re all a bunch of id--ts who can’t seem to analyze risk correctly and implement a change accurately without impact) and everything to do with the industry change that all Financial Institutions are implementing Transaction + 1 processing instead of T + 2 of today.
Interesting how normal employee gets the boot and they are zz for quite some time before they disappear from the system. When it’s upper crust, they get purged immediately.
There was no nda, anybody with service now access can go read the incident tickets
The CIO in Payments was a complete joke - glad he's gone. But, he loved his LinkedIn post on how great things were here.
Sure, pay somebody in India low wages and no experience and this is what you get.
Anybody with knowledge of the details has already been forced to sign an NDA. I will say I can't believe Elizabeth Warren hasn't gotten wind of the issue. All of the fictitious accounts we opened did not cause the harm this did.
It's bad enough that nobody who knows anything is willing to gossip about what happened.
Big F-up with payments. 10B going to wrong recipients,
I remembered those freezes. Usually, they were at the end of the year. Thank God I am now in a more evolved IT department. They wouldn't dream of a freeze. The main difference here is in the review and testing. Review of the architecture, the design, the requirements and the specs. There are actually specs here! Sh..t I learned in school and Pluralsight (thanks wf...) is actually done here!
I look back and see my years at WF as a joke. The BECs were a joke. I don't know how many times I had to ask them to interview the app user and check to see if that was really what they wanted. They kept telling me that they made notes. Then the dbas who were supposed to help me model the data. Their main addition to the value chain was running my model through their system and generating cryptic field names!
For people under 50 in tech... you are wasting your time at WF.
Bummer. Can someone explain in layman’s terms what happened in payments? I see other posts and understand it caused a tech freeze but what happened from a consumer perspective? Not from a tech perspective, e.g., payments didn’t go through or Zelle payees were deleted. What happened?
They should make a move. It would be a Hollywood blockbuster.