So folks do you think we will get any bonus for 2019? Debating whether I should wait until I receive bonus and then find a job or just look for a job now and make the jump.
26 replies (most recent on top)
I need to get 150% of my bonus to compensate for the bad pay
If you didn’t get a bonus for 2019, best to stop watching for it. Better strategy is to use the next 4 months wisely to avoid a repeat miss in 2020.
@1qhh while that's noble of you, I don't expect anything to save the current bonus structure. Wells pays higher (in some cases, much higher) bonuses to support staff than other banks. We're talking about 35% targets in some cases. Those will forever come down as Charlie tries to get to the $10B cut.
As a long time investor/shareholder, I pray this doesn't happen. You take care of your employees because without them, there's not a company to begin with. I'm in favor of taking less in dividends and even losing money in the near future to save jobs and wages. Wells will bounce back. They always have and I will recover the short-term loss by playing the long game.
@1ljx+16G3r4YP While I do think some people will get a pay cut I think if you cut all bonuses that all the top money makers would walk. In CIB those dudes making us millions would walk across the street. The bonuses are what allowed Wells to literally give raises that did not count as a COLA so if the desired effect would be to have a corporate walk out that would work.
It also would stop top banking talent to walk in the door. So that is not going to happen. I do think and hope bonuses will be tied to performance more vs you get it.
They will be trying as hard as possible to lay off as many as possible and off the books so they can out bonuses to the leftovers
As a shareholder I am opposed to any bonus going forward. I have seen countless WF employees treat COVID-19 as a vacation. I think they would trim employees by 25%. And cut pay by 20%.
It is a bloated company.
@rtd+16G3r4YP If chainsaw gets rid of the employer match he'll lose staff left and right. Not to mention the number of people that will roll their 401k's over to non-WF managed IRA's.
Yeah, he might get the ability to drum up new customers due to losing assets but that doesn't really send the right kind of message does it?
If chainsaw posts another quarterly loss, expect like 25% payout. If q4 has a loss. Kiss it goodbye all together, chainsaw will be coming for your 6% 401k match and take some of that
Rumor is that Bonus accrual at 70 percent pre cost cut so expect a 55 percent payout and for those that qualify for LTI expect that to get decimated probably at25 percent of historical norms
Those of you that think your bonus is somehow linked to Charlie’s bonus will sadly be mistaken. Charlie’s bonus is tied to reducing costs and get the expense structure fixed. In other words, firing a bunch of us = bonus for Charlie. Many of our bonuses are tied to bringing in new business. this has been tough with WF reputation and was made doubly tough with COVID. I’m not waiting around to see if I get a bonus. Rather I’m negotiating a sign on bonus with my new employer.
The economic damage from COVID 19 is not fully realized, tons of big companies deferred layoffs, there was massive government stimulus and holds on everything from evictions to utility payments. The country has been floating in a bubble since April, it’s going to pop.
If the bank has to set aside billions more in Q3 and 4 for loan loss reserves, not only will there be no bonuses, there will be more cuts. If you have continued to whistle past the graveyard on preparing yourself for unemployment, continuing to do so makes you foolish indeed.
Agree with another commenter that we will likely get bonuses, but not nearly the levels we have been accustomed to. You better believe I am sticking around for every cent I can get. And then I will say ciao.
Probably no bonus :(
I bet there will be bonuses, albeit reduced. My guess is 70% of target. Reason is that top brass is basically relying on bonuses for more that 50% of their pay. They will not slash their own wrists, don’t worry
Start looking. If you get an offer before March you can decide what to do about it then.
Bonus will be paid, but percentage differs. if you don't get paid,Mr. Charlie will not get it too.
Depends on your level and performance- if you’re key to your team; then yes expect to receive
Keep dreaming of a bonus but the sad reality is there won’t be any money this year. If there was ever a year to cut bonuses it’s 2020.
I am trying to find a new good job before the flood of layoffs hit and I have to compete with 40,000 others for the same spot.
If somebody retires on 12/31 do they still get their bonus (payable in March)??? Or does said retiree have ti stick it out until they pay out?
Why you guys caring so much about bonus! They are taxed at 40% and you get pennies afterwards! They aren’t really a thing!
OP here. Yes, I meant 2020 and not 2019. Darn this stress is making me even forget what year I am in .. LOL
Charlie already cheated us on the 1% performance 401k match. If they play with bonuses they're going to have every last person with a brain bolting for the door, the dumb ones will stay because they have to. Charlie has been here for a year, show us the money.
I got my 2019 bonus in March.
You mean for 2020 performance?
@hkd+16G3r4YP Must have been nice being in a job with fat bonuses.
I got the same one I've gotten every year in this job, I was told it's because there was no merit increase this year.
nope which is why I am leaving.... or if you do get one its not going to be above a couple of thousand...