Save us RCSA you’re our only hope

The mortgage reduction is telling folks. We are getting to the point where we can’t ignore the asset cap and just continue to operate as normal.

Cutting back on mortgage means the bank is downsizing. Not as many underwriters or mortgage bankers going forward. The high cost of originating mortgages was worth it when we could underwrite as many mortgages as we want.

The longer RCSA takes to save us from the asset cap the more we will have to scale back on. I wouldn’t panic until they start reducing their commercial banking footprint. That’s the anchor that makes us somewhat competitive.

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Agree. It’s as if Audit doesn’t exist.

They hired so many new people that no one has a clue about what is going on. No background info. We took a huge step backwards.

Why? Because two people didn’t escalate clearly. They gutted audit.

Now they’re an even bigger joke.

“ If they can get phase 1 signed off and get asset cap lifted they can cut significantly then take longer to complete the second phase.”

Do you really think that some RCSA and sign off on phase 1 will get the asset cap lifted? I’d be surprised if it goes away before the 2018 consent order is lifted.

I've been hearing 5 days

So, the layoffs are driven by the asset cap, not the cyclical downturn in mortgage activity and the housing market? Interesting take.

RCSA 'save us'? WTF. RCSA was in place 15 years ago and all the underhanded cr-p still took place. The weak link here, as it always has been, is internal audit. Backbone-less organization that walks back all and any meaningful finds at the first hint of push back from the business heads who are the personification of the see no evil monkey.

RCSA is in year 2. Needed to remediate phase 1 due to several businesses completely missing the mark. Guidance is better but same old execution fools at the top. Also the remediation approach is not sustainable for the rest of the raus in the next phase. If they can get phase 1 signed off and get asset cap lifted they can cut significantly then take longer to complete the second phase. So yes, at least 2 more years after remediation. Compliance is 50% more people than work. Thank Roemer for that, he hired hundreds with no plan. Few know their roles or are qualified. They will be gutted.

RCSA will take years.

Compliance is in a horrible place.

Front line can’t operate until Compliance figures out what they are doing.

It’s going to take a while and likely more cases where Wells Fargo is in the news to get close. Long way away

3 years minimum

Time for Daley to deliver more brief cases full of campaign contributions.

Agreed.

Thought for today: Fire Charlie.

Thread regarding Wells Fargo & Co. layoffs

Save us RCSA you’re our only hope

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