Thread regarding Wells Fargo & Co. layoffs

Agree with the above poster... Corporate Risk is a complete joke. From being forced to higher a minority vs highest qualified or to meeting metric numbers when doing employee reviews (highly unethical) etc. not to mention no work getting done and upper mgmt. wants to ack like there is plenty to do then blame workforce etc..

The problem with usa is anti-trust has been MIA for 40 years.
The operating model has been whatever is good for wall street is good for america.

Now you've got this huge concentration of power thats gotten so bad CEO's testifying before congress are outright rude and condescending to lawmakers.

They are too big.

They have too much power.

Even the fed recognizes this which is why they have the banks now go thru stress tests every year to see what kind of planetary destruction these f's can lay onto the world.

Thats a clue they are just too big.

Breaking them up would require a hiring binge like this country has not seen since the 50's.

Corp Risk is useless. You could fire them all tomm with no impact; the bank's profits and efficiency would go up, and the risks would actually go down.

Depends on how good the SN AI is.

Post ID: @uqo+1ci0VGtW

Do you know how many years they’ve been saying that? It’s a joke at this point.

@lih+1ci0VGtW

Actually there are massive investments in Tech coming down the pipeline.

Tech will be undergoing a complete overhaul once the new data centers are up and running.

Corporate Risk is a JOKE! The people who have come in there from other institutions have NO IDEA of the root cause of the dysfunction. There are 4 different teams, doing or trying to do, the same things. The communication and coordination is terrible. And the new brass don't believe in skip levels or listening so they don't want to hear about problems or ways to get them resolved.

This place and all of its issues and scandals is prima facie evidence that it's too big to manage!

Clueless poster is the OP. Not gonna happen

Is RCSA new? I learned about it in required training but couldn't remember if it was something we'd used long term or if it was something new.

RCSA will prove to be a failure overall.

What about the ICS Patch Master? Does he know this can be automated since the 90's?

I’ve been through several bank M&A’s over my career and I would agree. I’ve seen this movie before… and always ends the same way.

Previously, I always ignored the warning signs and failed to take the exit ramp off the freeway. This time is different, I’m using this opportunity to get out of banking altogether. Looking for the next exit. Put a fork in me, I’m done.

I don't see the company breaking up. A lot of the moves they are making right now are dictated by asset caps. Once lifted such measures won't be as needed. What I can imagine is a merger with a smaller bank where WF adopts the name of the smaller bank, just like Norwest did with WF. It's apparent that current leadership wants nothing to do with this brand or it's long rich history. Recent scandals are all they think about, not the other 99% of our company's history or any of the employees completely uninvolved in retail's "issues".

Uh oh put your tin hats on everybody.

Agreed. It is the only goal that makes sense when observing our leadership’s actions/lack of action.

After watching new leadership at AG Edwards sell out to Wachovia (while saying they would NEVER do so), and then watching Wachovia recklessly run the business in to the ground (while saying the business was solid and loans were safe) - I have no trust in any of these overpaid corporate thieves.

After looking back at both these instances in hindsight, the handwriting was on the wall.

Charlie isn’t fixing anything - he’s just shuffling chairs around and slashing LOBs/employees/costs. No real investments in technology, no communication about our future, spending capital to run the stock price up to make everyone think we are “past the scandal”.

Keep your eyes open.

As someone in Corporate Risk who busts their b-m 60-70 hours a week, I agree. Lots of fluff, no substance and SO much deadweight that some of us have to pick up the slack for. Lots of diversity and I&P hires though, so at least Mandy is ticking those boxes. And, even I know my job could be broken apart and parsed out to a more centralized teams. I'm not waiting around for the inevitable. I am aggressively applying externally and only still with WF because I need the paycheck.