Thread regarding Wells Fargo & Co. layoffs

What happened to Audit?

After the scandal, we got rid of our chief auditor. We hired a new chief auditor from Citi. Within 1 month, her coverage area at Citi received a major public consent order. No action. We kept her. I am really surprised the media didn’t jump all over the Boards lack of effort to take action.

Within a year after that, tragedy struck and we then promote a different former Citi alum that was her backup. So, now we have someone viewed as less than the former problem we had. Citi is now a public disaster and we know most of these people were awful.

The misses in risk coverage at Wells Fargo have been huge lately. Skill levels went down the drain. New hires have been awful.

What gives? We somehow had a stronger Audit group a decade ago. Major regression. You can almost see disaster coming.

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Post ID: @OP+1rKhVHH5

15 replies (most recent on top)

Audit doesn’t know enough about the business to identify anything.

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Post ID: @6vmh+1rKhVHH5

@1bnx+1rKhVHH5

Especially when we are limited to hiring in a tiny number of locations. We flush 90% of the talent pool down the drain before a job is even posted.

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Post ID: @1xoe+1rKhVHH5

All the top audit talent has exited. Especially in the tech audit team as it's lead by a toxic leader who knows very little about technology.

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Post ID: @1uvq+1rKhVHH5

No top talent will want to join wells.

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Post ID: @1bnx+1rKhVHH5

Audit needs to mix in people with actual business experience. Most of Audit couldn’t identify risk if it was staring them in the face. They toil of phantom risks and can’t identify the big risk exposures. Where was Audit in the FCRM debacles lately?

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Post ID: @1rhl+1rKhVHH5

We literally have a new consent order on the way. Audit asleep at the wheel.

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Post ID: @fdv+1rKhVHH5

WF Audit is currently deemed ineffective due to its FCRM program and other reasons. The present auditors aren’t being told that.

Two people in audit at the top not escalating a sales practice issue a decade did not mean audit was weak. All the strength retired. We currently have children in senior manager roles that understand banking or the bank.

It’s well known that audit is a mess right now.

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Post ID: @ucw+1rKhVHH5

Audit is a check the box function. Has never provided any value

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Post ID: @ley+1rKhVHH5

Audit is a fake cover at all the big banks. Washington doesn't care either.

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Post ID: @csn+1rKhVHH5

Overall auditors miss the mark at Wells Fargo, you can hire the best chief and that still won't fix it. It is a talent and culture problem

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Post ID: @alj+1rKhVHH5

we had a stronger audit dept a decade ago, when we had more MRAs than anyone else and were on the verge of the sales practices scandal erupting? gimme a break.

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Post ID: @dxe+1rKhVHH5

Tech audit is the worst

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Post ID: @yxr+1rKhVHH5

Doesn't matter what audit does when greedy execs ignore anything risk related with their pet projects and ram them through in spite of anyone that dares to object. 8 is Great wasn't an idea a teller came up with.

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Post ID: @byv+1rKhVHH5

Audit has never been strong here. If it was, we wouldn’t have an asset cap and a flowing list of consent orders.

Granted, I do think it’s actually WORSE now but strong years ago - nah, no way.

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Post ID: @did+1rKhVHH5

If you think audit was stronger a decade ago than it is now…I have a bridge in Brooklyn you might be interested in buying.

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Post ID: @tfs+1rKhVHH5

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