Did audit dump people a few months ago? I noticed that a person I know has vanished from Skype. If it was a displacement, it would have been more than 2 months ago because she's not zz'd.
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They are not yet corrupted or tainted in any way as our Wells SF auditors. Simple, but you knew that.... so, any advice on where to look first and what are you hiding?
Time for serious experienced New York banking auditors to join Wells. Retread risk people and over promoted tellers are simply not cutting it.
I am hearing that audit is now only recruiting in tier 2 cities and offshore . True ?
Hey but wait... what about the senior folks ? They are all in HIGH cost locales!
That is an astute observation! Citi remains as bad as Wells except the regulators have not latched on to them yet . However, they just removed their CEO Corbat. The worst is yet to come there . Like all sinking ships, the rats have bolted .from Citi. These rays are to be found right here in our backyard at Wells.
@1yoe+18E9bNyi, is Citi the bank the mysteriously lost like some large sum of money around $900 Million? Now we just have 2 groups that are a bit concerning with past performance
https://finance.yahoo.com/news/citi-rush-recover-900-million-113000559.html
@1yoe+18E9bNyi - I can give you my reasons quite succinctly. The previous regime was bad . Absolutely! They missed the obvious fake account scandal. They should be fired and most have been ..
Now, let us look at the solution : bringing in people who were relatively untainted but very very raw and often the friends of the newcomers . It is the very kind of ‘you scratch my back ..’ phenomenon that led to the scandals in the first place. Without naming names, most of the newcomers at the director levels were VPs in their prior organizations . The head of IT audit was an it audit head in a Canadian bank( no big bank experience this).
So you now have this strange combo of legacy staff in their fifties with new untrained and untested friend of friend managers mainly from Citi.
If you are from Citi, I guess your reaction is predictable . If not, you’ll have no reason but to agree wholeheartedly.
Anyone pushing back on the new “outsider” auditors from New York likely has something seriously screwy upstairs or something to hide. And yes, they are more competent, more experienced, unbiased and untainted... exactly what we need. Old Audit team was totally compromised if you happen to have missed the last 10 years of business news.
We should ALL want to see the messes uncovered, the names associated with the messes and the people who (including our beloved auditors) looked the other way.
If you’re not for this I’d love to hear your reason.
The newcomers (mainly from Citi) are clearly the ones who were doing a lousy job there
You are wrong. I was an audit manager and was laid off in November.
Managers have NOT been laid off in audit. Maybe in compliance, but not audit. As another poster mentioned, the only layoffs in audit were admins.
I seriously lol'd at the notion that the New York hires is what audit needs. You obviously haven't talked to any of them or worked with them. They are by far worse than what was here before. The department was broken before, that I agree on, but it will be getting way worse with them. The amount of unethical behavior they have already demonstrated is on par or worse than what was here before.
New York newcomers in Audit are exactly what we need. Legacy Wells San Fran auditors clearly dropped the ball for the last 8 years. Far from being at its weakest, sounds to me like Audit is finally beefing up. Let’s see what some fresh non-Wells faces from outside of the culture manage to flush out of hiding.
Audit’s talent pool presently is at its weakest. The senior people are all NY- based newcomers . The junior folks are legacy. Perfect recipe for disaster .
Thanks all! I was thinking she might have bailed and retired.
Managers have been laid off in audit and compliance as a result of spans and layers reductions.
Audit layed off 15 admins. If she wasn’t an admin she probably just quit. Audit remains woefully under the approved headcount. 11% under the 2021 approved headcount. Expect to see additional attrition after bonuses are paid and more companies start to hire this spring/summer
just admins afaik
I would say get out of here as soon as you can, you can go to a better company that is more ethical. Doesn't abuse employees, steal from customers and all the rest.
Sounds like a terrible place to be all around.
Yup. No need to celebrate . The replacements will be worse .