Seems like we have been waiting for months for them to pull the trigger on the risk and compliance layoffs. They were supposed to do it in November 2020, then nothing. When are they going to get rid of all the employees rated 1s and 2s In their 202o performance reviews? What happen to spans and layers reductions? Anyone know the next lay-off dates? February, March? What the heck are they waiting for? Can this bank execute anything?
14 replies (most recent on top)
We need seasoned compliance professionals, hopefully from New York with solid backgrounds and experience.
Looks like you were wrong. It’s not fake news based on today’s headlines
I’ve worked in compliance and it was the worst two years of my career. If you are someone who wants to actually get something done and work with the business to get a solution in place you will be targeted by your long timer colleagues who will then second guess and complicate any plan or progress and then disappear into the ethers when any work (that they claimed was critical) needed to be performed and you’re left trying to figure out the mess. It is demoralizing especially when you discover how much more money many of these people make with lesser qualifications. I got out thankfully but it took me way too long to realize that it was an unacceptable situation
Get rid of Roman and Amanda. That will help the group immensely
Quite honestly, a lot of compliance needs to go. In my experience, most of them just obstruct true progress under the blanket excuse of "are we going to get sued becasuse of this?" Most of the time, the response back to them is if it was done this way originally, we would not have gotten sued to begin with. They don't seem to realize ancient and archaic processes are a huge reason why this company is in the state that it is in.
elizabeth said to get the criminals out of here, and replace with trustworthy people
No they didn’t, not even close.
The new CCO put a halt on any reorgs in Compliance until she can get a handle on what her team looks like and how she wants it to be going forward.
Op, the fed put a stop to mass layoffs in risk and compliance until we get the consent order taken care of.
@nlp your eloquence is astounding. If you disagree with the post just say so and then offer a reasoned reply. Pretend like you are actually talking to this person and have some semblance of civility.
I do not believe we have the required number of compliance officers as mandated by our regulators. Perhaps we do or will, but I thought they set the number at 3500? Span of control activities have been occurring in the front line risk groups and enterprise risk groups. I know folks who have been impacted. Layoffs will eventually take place but not before the regulators give us the green light. After all, they are the reason for the delay. OP: get a clue
Omg this site is worthless. Meh meh meh meh meh!!!! They gonna layoff compliance?!?! Meh meh meh meh meh!!!
Stfu, mate. “Span of control layoffs...”...shut your f—ing mouth you’ll do nothing
There is no question that this is an area that is still heavily bloated. I am surprised things have not happened quicker considering how many groups in that area are doing the same things but with different processes without and shared transparency/visibility. As one of the more popular buzzwords at WF, in a “vacuum’.
Span of control layoffs have been happening for months, I know several impacted people. I'm not privy to the whole plan or the reason for delays in the process, but it's not a simple thing to do legal / policy compliant layoffs. There's a lot that goes into it, and if someone screws something up, even if it's an honest mistake, it could wind up being a very expensive lawsuit / reputation risk situation. So naturally they are motivated to move carefully and they generally error on the site of caution.