Audit was supposed to be monitoring front line risk work.
What happened? Asleep at the wheel? No doubt this asset cap is staying for the next decade.
Sub-average auditors from Citi flocked over. Left behind a huge mess at Citi and now causing a huge mess at Wells Fargo. Bringing an awful culture. Bringing quite the mess.
If only WF would quit" lateral moving employees into non compatible roles it'd be easier to resolve the issues.
Audit is a reflection of the organization. There are a lot of people that want to do good audit work but it’s up to the front line to want it too.
This is the problem with having risk based incentives. Nobody in the front line wants an issue or even an exception documented in an Audit. Those get immediately escalated and politiced into just an observation which festers until regulators see them.
I’m not saying people shouldn’t be held accountable for their exceptions but there’s a medium between gutting someone’s bonus and turning a blind eye
I’m surrounded by people that are rooting for Wells Fargo’s failure.
Some don’t view themselves as a Wells Fargo employee. They are in tribes: “former BofA” “former Citi” “former JP”
The culture is getting worse and worse.
This has to be the worst bank I’ve ever seen in my life. It exists due to its size and nothing more.
And yes, Wells Fargo audit is smoke and mirrors. No clue what is going on.
Many left when Julie came in. A lot went to first or second line control roles, or left for IA roles at other banks because Julie preferred to bring in Citi and JPM folks instead of promoting from
Within.
How can WF audit get weaker over the last decade?
Makes zero sense given all the scrutiny. The talent and skills flew out the door.
Do you call this replacement risk? Maybe tons went to the front line with the bank?
Audit seems to be just barely hanging on. No idea what’s actually going on in the bank.
They left Citi in such a mess, Citi compliance has been forced to report to legal.
All of their low performers jumped to Wells Fargo and so we can expect the same. Wells Fargo Compliance will falter due to Citi transplants in Audit. You know it’s coming.
The Audit organization is large which makes sense given how much audit coverage is required. As a result some audit teams have a strong leader, are well managed, and do great work such as capital markets. Others are managed by a toxic leader such as technology audit. The toxic environment drove away all of our top leadership talent and now we audit just so we don't get fired or make more work for ourselves. It is pretty clear our Chief Auditor is just interim (ex Citi) and has no clue what happens outside of his own orbit. The asset cap will get lifted at some point. It just won't be very soon.
IRM is the biggest joke especially BACOs. They do everything and yet nothing. If you did not document it, it did not happen.
Audit cannot keep people. Audit management only cares about getting the audit or validation done on time not hiring the right people or adequately testing. Just do whatever it takes to pass it or kick it down the road. Coverage coordination in audit is nothing more than a rubber stamp. The business partners know to do whatever they can to run the clock out. The regulators are asleep at the wheel too. The audit entities are a joke too. Audit Management only cares more about hitting some arbitrary number not testing in a meaningful way. They are so out of touch it is unbelievable. If the asset cap gets lifted it is only because the regulators are grossly incompetent. I could go on but there is no point.
IRM too…
It audit did it’s part. We did not raise anything. So not applicable your allegation.
This looks like a SII
The good, competent people have left. Especially in Audit.
Audit here. Things are looking good. Above the threshold. Very noice one might say.