How does Wells Fargo’s headcount for Audit, Corporate Risk and Front line risk compare to Bank of America?
Is Wells Fargo really bloated in risk?
5 replies (most recent on top)
One of the things people miss in these discussions in headcount at the banks. Yes, branches are part of it but not 50-60 thousand. Other large banks have outsourced more functions than WF. Not offshore which still counts as FTE but outsourced to other firms. Some banks have kept only those functions that touch customers and outsourced many day 2 or backroom functions. Thos resources are still doing jobs for the banks, but they work for someone else thus not a part of the FTE count.
BofA audit is just under 1,000
WF audit has 1,600
Too vague of an original question then. Try asking on the BAML board if you want their info?
Too vague of a response. Don’t need assistance with an opinion about ‘why’.
Does anything know BofA headcounts?
BofA audit vs. WF?
BofA Corporate Risk vs. WF?
BofA front line risk vs. WF?
Sounds like you know the answer already but “yes”. WF has more ongoing consent orders plus the asset cap and has not invested in risk technology as much as their peers nor as early, which would lead to larger headcount for WF. We are probably ~25%+ in risk and control count. But also overall probably 50-60k headcount over BAML, largely because we still haven’t closed enough branches post WF/Wachovia merger.