Expect to see a WARN notice this month. Groups impacted are Control (significant), Operations - except contact centers, and non-business aligned marketing functions.
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Oh Yeah ! In mud wrestling match, you are any day better off fighting TC than IRM. The IRM match will be a One-sided match with your opponent in a Teflon hazmat suit . So a lot of mud will stick to you. The TC match will be a better muddy outcome for both parties . A draw is guaranteed.
Maybe redeploy these people vs. layoffs. The high ratio of risk/control people to actual worker bees on meetings and projects is remarkable. I get that they are just trying to show their worth. However, my team is constantly being hounded by TC, they do serve a purpose right?, but that is not as bad as some of the IRM types full of Cr@@ that come to our meetings. Some of the more annoying ones use big words trying to sound smart (grandiloquent they are). JC this one pseudo intellect is so annoying every meeting we count how many times he says bifurcate come on bro get some new words and the other one sounds like he just auditioned for episodes of Deadwood.
@4xrg+1hP9XHUY - unfortunately, you are correct on this one . Some of their best talent are now are sitting in Citi , and BNY. Those firms needed help badly and they took the best from here . And now we have this lot to deal with !
Tech control’s approach is they are our daddy. We are accountable to them. They may want to get current with the risk framework; the CIOs own the risk and their job is to consult not be glorified project managers. The chickens are coming home to roost and they have nobody to blame but themselves. Leadership is typically the issue and the stink from the sense of entitlement is strong.
@4iuo+1hP9XHUY Sorry, that means they WILL get 401k match. If the number for how long between notice and match date was greater than 60 it would mean no match. Less than 60 they will squeak in.
Layoffs are happening all the time....there is one already in the works for mid-Sept too....and we know there was just one mid-July....more precisely always the third Thursday so why wouldn't you believe/expect Aug as well. I only wish I had been one of those selected....too bad...
If this date turns out to be valid for layoffs it will result in no 401k match for those affected. Oct 20 to Dec 15 is 57 days.
@3kbm+1hP9XHUY - this is not surprising to hear that people in Tech Control are not motivated . I personally know if two recent instances where a senior officer was suddenly elevated to a director level. In another case, an officer was bumped up to senior manager . It is quite obvious that they do not seem to be plying by rules of engagement . My bet is that when the lawsuit on hiring picks up speed , the examples from Tech Control of fake interviews will be very difficult to defend against.
@3vsy+1hP9XHUY - unfortunately, Tech Control is especially screwed up. Their top boss from JP is a non- tech person. Of the 15 directs she has , except two, no one even has a technical degree . The level below (director level) is worse . Mostly they are business or in one case , a music major! No real work is getting there at all!
@2niu+1hP9XHUY End of 2021 and new control person starts supporting my team (in tech) from BoA. Their boss is also ex-BoA but has been with WFC for a year or two. The new person sets up a meeting with me to “get to know me” and tells me some truly interesting things.
Of course first thing is they used to work with the person that is their WFC manager at BoA, not a surprise other than it took them a couple of years to come over. Next thing they crow about is how it was “20% more pay for 50% of the work they were doing at BoA”. This sounded incredibly optimistic to me since they had only been on board for a few weeks. Lastly, they were incredibly co--y with what they expected me, lowly application engineer, to do for them, high and mighty control officer.
Flash forward the 8 or so months since and this person is incredibly miserable and complaining to me non-stop about how they “don’t get paid enough for this place” or that they’ve never had to do “so much work”. All while having the most venomous toxic attitude you can imagine. I’ve sent their berating emails to my managers but they kept coming. Such is life here, I guess.
0-273k
What is the target number?
Tech is affected. In my group the managers already know who’s going. I asked what if attrition between now and then hits the number selected, will it mean no layoffs? Silly me, no, it won’t. They will consider any voluntary “leavers” as a bonus savings.
If you’re not looking for a job already, you need to wake up.
Unfortunately , the control function is a good idea gone horribly wrong . A bloated org at that. So we have front line (tech, banking , etc ) , Ops, and the risk and control (together) which gives you 80% of the organization . We do not need 10% of the global staff on risk and controls .
Such a split would indicate that we are continuing to stay risky which is absolutely not true at all.
Wells is not as complex as , say , a JP is even Goldman . It is a relatively simple business but clearly large in size . Which it need not be. The risk and control functions can be trimmed by a 30% reduction. And you won’t notice it.
Do titles matter when there is a layoff?
They are being forced to off shore a huge percentage of their teams.
Well if it's true, they should bring in some folks who have actually implemented RCSA work and try to actually get it right this time. I've never seen so many highly paid, whining, glorified data entry clerks in my life.
lolz, who exactly do you think engineered the pandemic/recession? Follow the money and who benefited and it's pretty damn obvious. But keep believing the nonsense if you'd like.
How many people are on the control team?
@1slr. Corporate America will push this country deeper in a recession if they do this just like last time.
If you don’t think this is a result of tax cut boy not winning an election despite the dark money they poured into it (they underestimated the intelligence of the American people and I get why, they were gullible the first time), you aren’t paying attention.
Having gone from IT to Control, I would love for this to happen for a severence/vacation unless I can get back into the IT world. GRC is the devil.
Control teams offer ZERO value. I worked in one for five years and other then making my 401 and savings well funded, it was a waste of resources and I was considered a top producer. I rarely did over 10 hours a week of any work of substance. Mostly sit on calls to talk in circles, create useless PowerPoint to have just in case we needed, and the normal WF busy work.
‘Wife was in risk/control for 15 years, had to leave as her job was affecting her health. Has to take anxiety meds to get to sleep now.’
Same here except still working in risk/control
I accepted a role about 6 months ago in the Control org, and so far everyone on my team feels like our process is ridiculously over-engineered. We are rechecking the steps of other teammates who rechecked the steps from the other org who also had their process go through many levels of checks and approvals. Why are we nitpicking about words in a document being consistent across the 50 different forms that need to be filled out? And then we basically replicate the process and forms that our business partners created and nitpick whether all of that is consistent. Honestly it's just insane and adds no value. Yeah there should be some layoffs.
Can’t audit replace control?
if Control is gone, who's gonna push the paper and sharpen the pencils?
Tech in Aug
laying off control people in the midst of attempt #3 at RCSA? no i don't think so
I think this is highly unlikely but... Other banks are cutting. US Bank just had a massive round of cuts, BofA is cutting, Chase not so much but I see some anxiety on their page here on layoffs.com... So, it's possible. Also, if you look how nervous execs are about the economy, the fed tightening things quite a bit, tech is in trouble, housing is slowing down rapidly... They only good things so far is the consumer, but if that starts to sputter we are all in trouble. Big trouble. With this beings said, they are probably planning with a deeper recession in mind, and if the consumer folds we are all fu---d. Period.
Be more specific... Where in control? Like Rcsa control? Eria control?
That means you would get the year end 401k match at least right? Just have to be on your 60 day by December 15
I just don't understand why, when we're under an asset cap, we'd be laying off control people in large numbers.
Why does control exist?
Mass layoffs in controls and secure don’t have the asset cap lifted. Call me crazy but that seems bass ackwards
OP is 100% correct, Director here who is in the know…
CN? You mean SN? Leader of CDEP?
Heard the marketing team isn’t marketing but Consumer Enablement Data Platforms. That group is so bloated and useless anyway. The leader of that team, CN has an ego out the roof without anything to show for it.
Do they usually layoff new analysts?
It seems like they are hiring a lot for control though.
What areas are considered “control”. Are these risk functions under CRO org? 1st line control? Control is a very broad word for this company