Now that the consent orders are clearing, odds the compliance department starts to shed some of those useless Bank of America compliance officers they hired 3-5 years ago?
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By the time the cap is lifted it will be a moot point, Shart will have done so much damage, spun down so many LOBs, and sold off so many businesses that we can grow all we want and never get close to the cap again. To bad what's left of WF won't be capable of growth anyway.
Cap won’t be lifted in 2024, too much work left to do. 2025 probably.
@1iuc+1pEitdlf Also, all the various LOB governance teams will be trimmed too.
IRM and front line controls will be slimmed significantly within 90 days of clearing cap. Audit likely ok. You can bet Shart and CFO have a headcount in mind as these bodies are all well paid. Will be significant expense windfall for the company coming out of the cap, they’re banking on it
Consent orders he says. Clearing he says. Hahahaha!! The comedy never ends.
I know of a few recent displacements in compliance. They are also starting to centralize some more functions, which should lead to to more efficiency and less bodies over time.
There are still 9 consent orders that I know of (my team is working on 5 of them). Heard there might be a few coming, too. This place is its own worst enemy.
D-mb a-s post….really
D-mbest post of the day.
lol he thinks the consent orders are going anywhere
100%