Thread regarding Wells Fargo & Co. layoffs

“ You need robust risk management persistently”. Yes we do. But what we have are a bunch of pencil pushing check boxing individuals who have no clue about risk. Those need to go once consent is lifted and keep the 20% who know what true risk mgt is.

Thanks Frank. I for one took value from the post

@ad+1jvafyx0c

Scaling down suggests there will be survivors. Not sure what evidence supports that rosy outlook! Shart wants us all gone. High income? Yep. Low income? Yep. Entry level? Yep. Director? Definitely. Everything goes, unless you're an exec, are overseas, or the law requires your job to be here. That's it.

I mean the dude basically told us what we really deep down already know and see happening literally daily across the company. Even suggested common sense stuff to prepare. And people fight it. Hahaha. Dunno peeps. I’ve accepted my time will be punched eventually and have done exactly suggested here plus way more. All should. We can’t trust wf

@b6+1jvafyx0c That’s not just the CB compliance folks it’s all of the, across the company. Now you realize the massive waste rise for layoff

Get rid of the commercial banking compliance people. My goodness they are always on phone calls and never accomplish anything.

good. Eddie Munster over in risk needs to go. worthless clowns. Maybe go join your bros over at Truist

To nobody's surprise, it was the conservatroll the whole time.

Yeah, “Frank” is just the same troll with extremely specific axes to grind with the teams that give him grief.

…and of course it’s the weirdo troll obsessed with BEC’s 😂

@a9+1jvafyx0c Hi, compadre. Well, please re-read what I wrote. I didn’t say WF was abandoning their responsibilities to risk manage. The controls and processes built will sustain. Assessment will continue. I said certain priced employees in those roles will be eliminated. Which is fully true. WF will rely on new methods of sustainability- all agreed upon with the Fed as part of the cap exit. It’s just what it is, compadre.

More broadly though- this is bigger than risk. It’s all non customer facing roles. They’re all being scrutinized weekly. Justified. ROI assessed. Alternative methods analyzed (e.g., automation). The company is scaling down. It just is what it is. All those backend manual process jobs will be cut or moved to one of the methods I cited. All of those governance jobs will be substantially reduced. Product and scrum, BECs, BAS, - mostly gone.

See you on the sunshine beaches.

• Sunshine blessings Frank

Having AI write your daily risk grudge/boomer victim complex post lol

The apocalyptic blowhards on this board are something else

@a9+1jvafyx0c Yeah yeah yeah. Long-winded exposition which I have come to expect from risk fanfolk.

Sometimes on calls I can go to the bathroom while they are talking, come back and have missed nothing.

WF scaling back risk, compliance, and governance roles now that regulatory pressures (like exiting a cap) are easing. The logic seems to be: we built this up manually for the regulators, the immediate need is gone, time for cost-cutting and efficiency.

But this thinking fundamentally misunderstands a critical truth about the corporate world: Risk happens slowly, and then all at once.

Investing heavily in risk/compliance was necessary to address past issues and satisfy regulators – that was dealing with the results of prior accumulated risk. Now, as scrutiny potentially lessens, the impulse is to dismantle some of that defence.

This is where the "slowly" starts again. By reducing experienced personnel, relying solely on potentially unproven lower-cost models, or underinvesting in the necessary oversight after the immediate threat passes, you create space for new vulnerabilities and compliance gaps to creep in. These issues won't necessarily cause a problem tomorrow, or next month. They accumulate, quietly.

And then comes the "all at once." Look at UnitedHealth Group (UNH) right now. Their stock plummeting, a criminal investigation, sudden CEO change, withdrawn forecasts – it's a cascade of negative events happening in rapid succession. This crisis didn't materialize out of thin air overnight. The regulatory scrutiny, the questions about billing practices, the lawsuits, the operational vulnerabilities – these were risks that likely built up "slowly" over time before hitting their critical mass and exploding "all at once," causing immense damage to their market value and reputation. (Yes, UNH's recent market cap loss is staggering, equivalent in scale to wiping out the value of a 4 in just days).

You need robust risk management persistently – not just as a temporary measure to get out from under regulatory heat. It's the continuous process of identifying, assessing, and mitigating those slow-burning risks before they converge and trigger your firm's own "all at once" crisis.

Cutting back on these critical functions now isn't just letting go of "non-customer facing jobs" or ending a "gravy train." It's potentially sowing the seeds for significant future instability and financial loss. The cost of a crisis like UNH's far outweighs the short-term savings from dismantling your risk defenses.

Prepare for the long term, not just the next regulatory milestone. Maintain your risk management capabilities. Because when risk happens "all at once," it's already too late to build them back.

Before anything happens to risk jobs, all the tech jobs will be outsourced to India.

The RC people either their clipboards and what-ifs never created a penny of value or stopped a penny of loss. Well I guess on the margin they created negative value as a drag on earnings.

Aside: be any of that as it may, topline growth of consequence w/o the cap is likely illusory from the irreparably damaged enterprise that is the stagecoach.

This narrative paints a very broad brush in reference to risk. Not sure EVERY risk position is in jeopardy.

Except Frank isn’t necessarily wrong. Anyone hired to work on consent orders or associated risk projects will be eliminated. Already happening. They let 35 go in WIM controls 2 weeks ago on Tuesday.