Did anyone catch the question during the AMA event where SM admitted they were seriously considering combining Ops Risk and Compliance? She said she thought it was a good idea and that our peer banks have already done it... Is Compliance done for??
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the simple truth is you don't need as many people to keep you out of trouble as you needed to get you out of trouble.
WF has a way overstaffed first, second and third line of defense relative to peers. No way that's going to be status quo when the overall expense ratio is still so bloated.
@hs can we stop blaming all layoffs on ai? Let’s all just be honest here.
What SM didn’t say is that DF thinks compliance is too bloated of a function and that compliance (and market risk) headcount will be reduced significantly due to agentic AI
That should be easy for a firm that doesn't follow rules and treats compliance as optional.
Compliance is fine. If I was ORBO, I would be nervous.