I'm retired since 2010. Before I was an IT guy the last being for a major bank where I was in a team that dealt with part of the complex online banking infrastructure. The bureaucracy in the bank was was uglier than Federal bureaucracy in various areas when I left and I was told it got worse afterwards.
For example, when we got started there was a "6 sigma" philosophy which was, in short, based on the idea that mistakes happen but there were ways of minimizing them. That was too sensible and management said they believed in that but really did not accept any mistakes. Planning for changes was also sensible - we got together, talked about the technical nature of the changes and how to keep from stepping on each others toes. That was too sensible.
When I left, there was a gigantic change control form to fill out that was checked for failure to fill it out correctly by people in India. The sensible meetings had been supplemented by boss's boss's boss's ... meetings to decide if we were going to take a risk to make a change. The people making the decisions were ignorant of anything technical and we could not tell them we were going to "wave a magic wand" which was their level of technical competence. So we had to tell them all the bad things that would happen if we did not do what we needed to do and hope that they went along.