Unsure on details though. Layoffs? Decentralized and moved into LOB? Both? Something else entirely? Regardless, supposed to be big changes.
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Is the Chief Risk Office team still fully intact? If yes, ugh.
No, they are collecting severance and are off-site.
Are the significant changes in the room with us?
safe to say there were no significant changes for Risk announced today after all, besides laying off some,group called SERM? disappointing. but guess I shouldn't be surprised.
@qp Saul just got sidelined with his cushy “I’ll do what interests me until I retire” (AI)
It’ll be Kleber, someone from the wholesale side or an outsider that replaces CS. But that day is a long, long way away - CS is not going anywhere!
Thank god she is leaving.
Layoffs - full stop… a lot of nervous folks and others 🙏 please pick me!
Corporate Risk culture has degraded, first it was a punish model Q4-25 and now it is a full on loan model (4 days - monitoring time in office - monitoring keystrokes) etc.
The read on it: get as many folks to walk on their own as possible. I’m
@jz No way - ever. It’s Saul.
Now they decided to follow the risk strategy followed in other big banks (. Anybody knows if other places have this big team. I guess not.
Risk and Control groups will be half the size by end of year. Just watch.
@mv Great question. Seems like the CRO team just inserts themselves into things (like corrective action tollgates) as mandatory approvers. Then they think up nitpicky reasons not to approve at the last minute so people can't get issues closed, etc. It's clear they're just trying to justify their own jobs -- especially since they know layoffs are coming in Risk -- but so far nobody has done anything about it. Maybe because they know the problem will solve itself soon. Fingers crossed!
Known him along time. His nickname is the catfish.
What does CRO even do? I’ve heard of ORBO and VACo but what’s CRO?
Chief credit officer is moving on? If so, it would be a blessing. She is awful in identifying and managing talent. Her organization is a revolving door,
@kj I agree with the movement going on right now. Tuesday will be interesting for sure...
Pretty senior CRO in CBL got exited a couple of weeks ago.
I think the entire CRO structure is unstable right now.
I've been with this company since pre-scandal(s). the thing i've never understood about DF in his current position is that he rose through the ranks in the same era of cr*ppy risk management that got us into trouble to start. So somehow he was better than all of that? In literally every other function and LOB CS has replaced or sidelined the high level executives from that same era. DF is the sole survivor. How???
Derek is inline to inherent Charlie’s job so the big announcement is long overdue .
Hopefully they'll get rid the bloat in the Chief Risk Office. We never had to deal with them (didn't even know what "CRO" stood for) until a couple years ago when suddenly their approval started being required for everything. Have yet to see anyone from CRO add value or do anything besides cause unnecessary delays and try to throw their weight around to seem important.
Someone in Risk is retiring and hopefully it will trickle down to a few others who have pretty much already retired and are just cashing in fat checks.
The company is monitoring every employee’s activity on a daily basis and they know who’s doing what. Employees with no work and managers with no responsibilities should worry. This is not just at wells, every major is company is doing this now.
We have 4 (sometimes 5 or even 6) separate people from the Control team helping with an issue/control right now. Great to have help but seems like one person is enough. If they're able to quadruple-up like that, they must not have enough to do. Either that or they're just super inefficient.
Get rid of commercial and community banking risk. It’s bloated
I heard we our having chili for lunch on Tuesday .. hope I don't sh-t my pants when we get the news .... 🫠
Control team is experiencing layoffs.
@bb 4 days starts Monday 3/30
yes, it's called 4 days in office
Risk and Compliance will be merged into AI. AI will do all the risk modeling going forward.
It's two days away, maybe just wait and see?
Charlie is a fool to keep DF & co continue to enjoy own kingdom with no real action
@a3 “that you been messing around”
In the words of the fantastic lyricists, Frederick Durst — “everything is fu---d, everybody su-ks”
REO!
'Heard it from a friend whooo.. heard it from a friend whooo.... heard it from another....'