Thread regarding Wells Fargo & Co. layoffs

Hold on or get ready to Bend over

Long rant so apologizing before you read any of this post. We are headed down that rabbit hole again. We will never learn as there are no consequences!

Any others experiencing this new wave of Primary Tech Managers responsible for the sunrise/sunset of applications but who have absolutely no clue as to what they are doing? Or have no interest in learning how to do their job? Instead of spending 10 minutes reading easy, step-by-step instructions for every aspect of the process, the Primary Tech Mgrs instead IM and/or email others until someone tells them exactly to do. I do not understand why these tech managers refuse to use the tools or the step-by-step instructions for each application requirement!

This new phenomena continues to worsen. Now these tech managers don’t even know enough about the job to identify why they cannot move forward with their application. Now the IMs and emails arrive with “I am blocked from moving forward. Please fix the ‘business rule violation’ so I can continue.” They cannot even explain what the business rule violation is! Or the fact that it is their complete lack of knowledge that is holding them up. For example asking me to approve a document which they are required to approve first. Yet they do not know what the document is or where to find it so they can approve. Again, this information is readily available if they follow link to the site and f’g read what the next step is or why they have a “business rule violation.” In the 10 years I’ve been doing this work, not one person ever came to me using the “business rule violation” verbiage! Often it is impossible to even understand what they are asking because they have no clue about what causes the “business rule violation, or that they are the reason for the violation.

If any audit, compliance , or senior technology management follow these posts, this is a serious risk we are confronted with today. Especially given the increased scrutiny by Europe and other countries regarding the retention and destruction of the data/records retained by these applications and the direct adverse impact on privacy and protection our customer/client data.

Yet, despite escalating these concerns to management, nothing is done nor does anyone care.

Good luck in getting our Asset Cap lifted! Or if we do, it will certainly not last long despite the 50 or more senior executives they continue to hire in CIB.

Shart and his cohorts are betting our future on the success of these executives and CIB. A doomed model if they don’t fix this basic application lifecycle processes
essential to ensuring we meet regulatory requirements and protecting client records and information. Nobody listens.

Thankfully WF is moving away from the mortgage industry! Financial institutions are once again making loans to people without any down payment. One of the reasons, along with Pick A Pay loans, which caused the 2008/2009 crash.

And we have the douche Jamie Dimon crying once again about how strict and unfair the regulations imposed by regulators as a result of these same exact actions leading up to the crash.

Unfortunately, we are due for another banking scandal as we are almost 10 years from the sales practice misconduct WF senior executives, including Audit executives knew about in 2013. Further, despite this knowledge, continuing to ignore exponentially increasing fraud and fake accounts, these same executive even ignored the LA Times article in 2017 which reported branches in CA firing employees for this fraud and continuing to encourage this fraudulent activity through their cross sell initiatives.

Will we ever learn or be proactive in preventing these scandals? I seriously doubt so. The financial industry always finds loopholes to take advantage of so they can rake in billions in profits until they are caught.

In the 80’s we had the Savings & Loan failures, 90’s it was selling derivative products to clients which banks knew were garbage. Then the turn of the century brought us the mortgage crash. Much too shortly after the mortgage banking collapse came the fake account scandal (mostly unique to WF)

Hopefully one day WF & the industry will either learn, or our executives will finally be held accountable for their actions. They should be fined and incarcerated.

Instead, people and families who buy these products will continue to be the only people who suffer from the actions and decisions made by these executive sl--e ba--s.

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| 1791 views | | 13 replies (last June 10, 2024) | Reply
Post ID: @OP+1sVdtDtv

13 replies (most recent on top)

TLDR

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Post ID: @2amt+1sVdtDtv

The news reported that the fake account scandal went as far back as 2013. When I was in Audit, I was finding branches that were doing that back in 2007. I was told by my manager to keep it out of my report or he wouldn’t sign-off on it.

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Post ID: @2erh+1sVdtDtv

@2zvm+1sVdtDtv a lot of times the m*ron asking for documentation is just trying to slow the process. I've been asked on many occasions to produce more documention, wasted my time doing so, and then the person that requested it didn't even read it.

Nobody reads documentation anyways, they will just email you directly for questions. Even after giving them the document they will weeks letter forget about it and email you again. Its insane.

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Post ID: @2wdc+1sVdtDtv

I deliberately dont give full info about things and many times give outdated information
Because if Wells is so stupid to not have documentation
They deserve what they get

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Post ID: @2zvm+1sVdtDtv

Unfortunately the people who create the “step by step processes” know the entire process and make assumptions about everyone else’s knowledge. Instead they need to write the procedures and then work with app dev teams to use the instructions, ACCEPT feedback and then refine. Unfortunately they do not do that and if you offer feedback on improving you either get ignored, accosted for negativity, or told to fill out some asinine Jira form that will never get looked at.

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Post ID: @2zza+1sVdtDtv

Fun hey? It's difficult to expect anything out of anyone at WF. Why offer solutions or wish for things when this type of thinking is not incentivized at the bank?

I let the work drag out at the pace that the environment is dictating. While painfully slow, it removes me from micro-managing or being accountable for someone else. I do fewer things and do those well. This allows me to hyper-monitor stress levels to make it through each day. WF has gifted me 999 cuts over my career, they will not get the opportunity to land the final blow.

In short, the bank has clearly shown how much they appreciate their workforce. The cost of that appreciation is what we experience today. We cannot fix it.

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Post ID: @1ucx+1sVdtDtv

Read "The Hatchet Man's Playbook". It is the bible of the Wells Fargo organization and culture.

These byzantine processes and procedures are in place for nefarious reasons. Created and used by ambitious managers for the sole purpose of increasing their power and control. The point is you are not supposed to be able to follow the process. They will always be able to say you didnt do something correctly. If they like you, they will not call you out. If they don't like you or you are a threat to their ambitions, they will call you out and cause problems for you.

Wells Fargo s*cks

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Post ID: @1hqu+1sVdtDtv

The step by step instructions su-k. They put them together to make no sense so no team members can actually get work done. You'd have to brown nose to learn information and if you're not in the in group or your manager does not support you, you'll lose. Hence a bunch of case types no one can solve. It's all backwards thanks to the bell curve everyone is being compared against. Not an honest environment to get anything done really

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Post ID: @1wkq+1sVdtDtv

“Mostly unique to WF…”

Wrong. BOA and other FIs have COs and fines from regulators. We were the first, not the only, and it doesn’t matter anyway. It’s still wrong (to your point). I do want to point out that pick a pay and interest only loans coupled with lower credit standards was what caused the 2008 issue. You clearly aren’t/haven’t been in mortgage. Low or no down payment loans finance the entirety of the loan and still have stricter requirements. It’s simply meant to alleviate the time spent on saving. They still have to save and plop down a huge chunk on closing costs, etc. Also, auditors always think every little thing is a HUGE risk. The facts are that it’s often little things that cause larger issues. The scandal is a good example. Why did our execs ignore it? Because they had underlings look into the matter and found a “free” online account being opened for Joe Customer had no financial impact as nothing was happening with it. Little did they realize, scammers would access those accounts and make transfers or small fees would hit a credit product sitting dormant and unused, while credit was being impacted and lawsuits were piling up. Why didn’t the Litigators at WF sound the alarm? It took PR people rolling it up due to CA papers’ exposés. The wrong people squawk while others are silent.

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Post ID: @1oxl+1sVdtDtv

To be fair, the sunrise process is a total nightmare and in my experience, said step-by-step instructions have always been way behind what the current process is. I haven't had to sunrise anything in a few years, but I hated it so much.

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Post ID: @1vqu+1sVdtDtv

Scharf has been actively trying to destroy this company since day 1. It’s so obvious if you take a few steps back and peer in.

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Post ID: @1azi+1sVdtDtv

Not reading that but good for you, or sorry that happened

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Post ID: @1xty+1sVdtDtv

OP- thanks for breaking it down. I’m sure a look people forgot many errors of the past!
I think WF is gonna step in another “pile” —just a matter of time

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Post ID: @gge+1sVdtDtv

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