For those being laid off in risk, you know this bank is still in disarray. Risk a huge mess.
Take the opportunity to escalate what you have seen to the OCC. Detail the events.
Don’t focus on DF telling everyone to “play with AI in your jobs” with minimal to no governance. Report the big stuff. Ops Risk/RCSA. Compliance.
No accountability. All I see is bunch of incompetent and lazy managing directors running around like headless chickens.
just did
Cream of the crop is in loan review group. Bunch of clueless geriatrics.
@aa not quite accurate. They may have exams but they aren’t bank wide. A specific risk can go years without an exam. It’s been 8 years for some risks. Know your facts first. Are you even in Risk? I’ll say no, or you’d know this.
@b6 same thing happened to me. Risk in DF organization is a lucrative scam for management and the ducks that follow along. Keep your head high and get out while you can.
document the risk leaders not doing their job, buying time and salary before they ditch the place when the sh-t hits the fan........
what is the bank not telling the regulators?
Hey risk folks…. I raised a retaliation concern and conduct risk said it was not retaliation. Does anyone know how many investigations are legit retaliation events? Seems they never side w the employees and always protect the organization.
I raised a concern about being badgered by my manager then I was retaliated against…. Work taken away 1 day after reporting concern land was asked to gather data from a coworker instead of my leader. Text book retaliation examples but surprise was deemed no retaliation.
I bet Wells Fargo has way more retaliation but conduct risk hides the fact that it was done.
The fed manages and controls the top tier banks to control
You think this is a real bank making its own decisions? To some degree, yes but in reality, regulators manage the bank like a nuclear reactor. The top 4 banks account for close to 50% deposits in the US. It’s all about managing the under credit and credit availability. Wells Fargo plays a huge part.
This is a time of relaxation but yes, there will be a big blow up coming because risk is not in good shape. I see it everyday. It’s a huge mess.
You think it's a mess because you risk people just make up the rules as you go to keep your job.
If we are going to practice horrible risk management, then please let me go.
Do not ruin my career with the mess that is being created. The random sales practice topic hurt me enough just from being employed with the bank (which I had nothing to do with).
Why does it take speaking to 5 people to understand the purpose of a control?
Is that normal?
Risk is toast
WFC goes through multiple OCC/Fed/FDIC/Treasury exams a year. News flash...As bad as you maybe think this bank is, others are worse.
The Fed wants to move a lot of the private credit back onto bank balance sheets because currently its opaque and could have systemic risk. To do that, they need to reduce bank regulatory and capital costs.
If anything, the new Fed guidance will validate DF strategy.
Either be the solution to reduce costs or be a problem; problems will be IMd and let go.