Thread regarding Wells Fargo & Co. layoffs

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Quoth the slopbot "You are not imagining it." LOL

Hey all - You are not imagining it. Meet every 24–48 hours to gauge progress is not project management best practice in a knowledge-work environment like ITV.

It is:
• a control response to unrealistic plans
• a way to transfer anxiety downward
• a visibility substitute for capacity
• a hedge against missed deadlines
• a dashboard-driven micromanagement reflex

In plain terms:

We know the plan is too aggressive, so we’ll watch everyone constantly instead of fixing resourcing.

@y9 Incentives? IT&V isn’t finding issues. They are finding clarity concerns in control procedures.

The incentive is to move as fast as possible through a horrible designed process. No one cares about issues.

Individual contributors at director level salary? Are they hiring?

IT&V hired heavy big 4 a few years ago. Now IT&V is mostly providing feedback on control documentation and trying move as quickly through work as possible.

You get what you at for and they do understand the bank (or banking in general).

We all know how this ends.

Most of ITV leadership roles were obtained amongst friends

Biggest problem with audit and ITV groups is a lack of business perspective (including willingness to understand the business) and a disregard for actual “risk” as a concept. Meaning an assessment of outstanding risk to the firm should play a more significant role in their process. Their incentives are aligned to finding issues, so it’s complicated. It does seem things are getting a bit better on this front, but the volume of audits and oversight has been insane for a while.

Audit's biggest failing is they gate-keep anyone who's not a CPA or hasn't worked at a Big 4 accounting firm. They need business expertise to function as designed, but will never get it since it's just a way for accountants to get out of accounting.

It’s not “run” by anything.

It’s not really managed. QA is in I&P so they don’t know what’s actually going on. I have seen absolute trash make it through QA.

Everything is fine. Nothing to see here.

Pretty much everyone in audit should be fired and replaced. They havent prevented one single MRA. The nonsense makework issues coming of audit cost the company a lot of meetings and time while failing to manage or mitigate any actual risk. They dont understand the business and the issues they bring forward amount to typos.

Amen

Most were placed in their role by a friend. No posting.

Go figure.

interesting. what is the pay? can you share range? thanks

Is it run by legacy Wells Fargo Financial dirt bags?