The plan for RCSA team members is to let them go when their service is over. They are being overworked, only to be led to sla-ghter in the end. I feel so sorry for those who had no choice to be assigned to RCSA.
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@1jfb+1lWXUkL6 You said it perfectly. Chris F is a sc-mbag who did the same thing in IT&V. He brought in all his minions from COSO and implemented many horrible processes to tank morale. One of the worst "leaders" ever.
Was the same thing when I was in COSO testing, they brought in a shmuck from Toilette & Douche, he brought in about 100 of his partners in crime from their firm, they fired over 100 of my team mates including myself, HR wasn't even in a single meeting, the only way you could apply for any new roles is if you obtained a CISA within weeks which we know is not possible. Once the place was blown apart, he moved onto IT&V, Chris F... and eventually left the firm, probably back with Toilette ruining the lives of employees in some other client for them.
shouldn't all this work be done before the implemented system is built... during design?
This is the Risk community playing Chess....they know they're overstaffed by ~40% compared to other GSFIs and know as soon as RCSA is passed and the asset cap lifted that they'll be destroyed with layoffs.
These permanent "loans" are a sacrificial pool of employees to the layoff gods, especially since the loaning teams will have been getting along without the employees during their RCSA service, and proving (in the eyes of the F-Hudson Yards crowd) they were corporate fat to begin with. Those "selected" were the weak in they eyes of their managers, and are considered "dead-men walking".
Totally agree. WF doesn't want to remediate anything. They want to check a box. Banking is failing bc there's no ethics anymore, only box checking and cover-up.
Any risk professional accepting under $120-$150 per hr (depending on region) is desperate and likely not skilled. Even marketers make $100-120 per hr.
I took a role supporting the effort knowing this would obviously be the case in time.
I also figure it’s the best way for one to volunteer for layoff. So for those that are wishing for this, maybe something to consider for if/when the time comes. Personally think it’s more of when and not if.
Not an employee, but experienced senior level risk and compliance manager. Have successfully completed quarterly RCSA’s in 1st and 2nd line at similar size bank, that passed audit and OCC validation.
I get at minimum 1, if not 10 calls a week for RCSA work at WF. They are offering anywhere from $50-$80 per hour under the contract rate that I would accept, or that any contractor I’ve employed would accept. Guess they will get what they pay for.
Feel bad for the hard workers at WF. I’ll never again take a permanent role in banking because of the toxic WF leaders that my last company hired.
It’s not just Wells, the same power hungry jerks from JPMC, BAC, Citi et all, transition from company to company and try to shoe ho-n what they did before into the new place. With no understanding of the business model, previous commitments, systems or data quality.
Thanks for entertaining my rant. These leaders create busy work to soothe their egos and produced no value. It doesn’t matter for one minute that their requests may require teams to work holidays, weekends, etc.
FYI - the grass isn’t greener, the whole industry is poisoned by these leaders.
The ONLY things WF does well (besides committing crimes) is making people miserable, attrition, and avoiding severance.
You give WF way too much credit if you think they have a plan beyond getting RCSA to a point where regulators will give them a pass.
Mgrs won't be backfilling bc headcount is being reduced. WF is cutting up to 50K staff. Have you not been listening to Charlie on investor calls?
"Guaranteed in writing"? LMAO. Businesses can change their minds based on "change in circumstances" at any time. Putting anything in writing means nothing. Just like all those WFH guarantees in writing. WAKE UP!
Do you know how I know these people will get the boot? Because every single rsca presentation they go to great lengths to emphasize that "this isn't a one time thing". Also, it would be the douchiest thing they could do to recruit people into this temp role and then throw them away when done. Classic WF behavior.
Other poster is right. My group is paying my salary and another person’s the entire time we will be on loan. I work directly with our finance partner on the forecasting so have firsthand knowledge.
The other posters are right about the selection not being top performers. The selections are based on title and location and a bit of randomness. It appears they are looking for consultant and project managers with little to no risk experience. I have no idea why they are choosing this way.
can't rely on natural attrition this year so they use this to drive attrition without paying severance. efficiency based 100%
Sorry you were fed a load of bull. Par for the course at WF, unfortunately. They aren't selecting top talent for RCSA. They're selecting those who they've already identified to let go. Most jr person on my team was chosen. A mgr from another team who was already on the block. Others who perform roles no longer needed. The pattern became obvious early on. If you can scrape off enough time, job search and get out of WF. Save yourself.
OP is a troll.
Managers are actually required to hold their positions open - they cannot backfill them.
The folks that were selected are guaranteed in writing a "safe return".
here is my issue, I did not apply for this role at all. I basically was selected because the original ask was for top talent with project management experience. i was told we would be handed back to our team on 12/31/23. Then this week they sent out a project calendar unbeknownst to myself or manager with a date of 5/31/24. They haven’t even given us an opportunity to rotate off, which they originally said they would allow due to original burnout. They have stollen us from our original jobs, never gave us title changes so there are various pay grades doing the same work and hours even though we are not doing the same level of work. I have gotten exceeds 3 years and minority female. so basically this project goes against all DE&I efforts if they lay me off after they have worked us into the ground. my manager is so upset at how bad this work and program is.