Word on the street is with the new titles coming in early August that our bonus may be cut in half perm. How will you all respond (those of you that are bonus eligible and count on that as part of your salary)?
25 replies (most recent on top)
And don’t forget that this year WF did not contribute the typical 1% profit sharing to the 401(k) plan, although 2019 was profitable.
The only thing this bank excels at is paying above market compensation. The bonus structure, the transparency on pay for jobs, that's not happening elsewhere. You can be in a support function as an individual contributor and have a 35% target bonus.
I'm a recent hire but can already tell everything else s—s here. The technology and the org structure especially (though Charlie is trying to fix that). If the bonuses are cut significantly or worse, I would look elsewhere.
The only thing this bank excels at is paying above market compensation. The bonus structure, the transparency on pay for jobs, that's not happening elsewhere. You can be in a support function as an individual contributor and have a 35% target bonus.
I'm a recent hire but can already tell everything else s—s here. The technology and the org structure especially (though Charlie is trying to fix that). If the bonuses are cut significantly or worse, I would look elsewhere.
@zdn I don't "rely" on my bonus either. But I still count it as part of my "overall compensation", which is important when you start looking for a new job.
Job Title changes are confirmed.
Bonuses are another question. Personally, I don't think there will be any bonuses below the executive level for the next couple of years. Wells Fargo is $10B in the hole (you're going to be hearing that number a lot in coming days). And don't forget the new excuse de jour: COVID-19.
Given that perfect financial storm, it's a safe bet that bonuses have gone the way of the Cash Management Plan (for those of you newer than 15 years, that means "don't expect to get a bonus in the foreseeable future").
Op are you in technology? There are new titles coming in that space but I heard it wasn’t impacting pay scales. It was meant to provide more clarity and structure on roles and progression in line with their strategy.
First of all, bonuses are targets; but they are tied to peer benchmarks. At least for risk, they redid job titles and bonus structures last year so I’m doubtful of any changes. That being said, with the current environment I would not be shocked if next years bonus po is not fully funded and would expect people to receive less than their target; except for exceptional performers who will likely receive their target bonus to keep the talent. If not, those top performers will likely leave and hurt things getting done further.
When negotiating salary (despite the negativity here actually happens) I would always keep the pressure on the salary part because bonuses are always discretionary. Last job change it worked well.
To answer the original question — if you don't have multiple lines in the water then you're not paying attention. Hopefully, I won't be here when/if there are drastic changes.
Title changes are true. I have next week with my manager. We were told that there may be some pain changes based on the title change.
The new titles are coming next week, I was given my rating today but no number, when I pushed for a number I was told no number but but words, there are five levels so someone in a meets is a 3.
If they fücked with muh bonus I’ll fücking quit this miserable dumpster fire.
Risk positions went through title changes last year. Bonus was the same but pay range changed and my earning potential decreased - not that you can go much past midpoint anyway.
What title changes?
As an underpaid Technology Relationship Manager, the bonus is very important. That 35% is really the only thing keeping most of us around, as the incredible amount of stressful, mental work is just taxing. Please pray for us.
You should not be counting on a bonus as part of salary, it’s not. To answer your question though, always keep your options open - ABL (always be looking) don’t be a pushover and think you have to WFC (work for c-ap).
In the control org, We had a new title change at the end of last year. Slightly lower bonus % too. Folks that move out from control organizations into the business, I assume they will have new titles. We will see.
I've not heard about job title changes but that does not surprise me. If they cut bonuses, no impact this year. 30% of zero is the same as 15% of zero. My team had job title and bonus level changes last year. For those who's bonus level was cut they got a bump in base salary. I doubt that will be the case this go around if there are title/bonus level changes. I also suspect profit sharing is over. I'm just waiting to see how bad the benefits package in October is. I'm hoping they don't lower the 401k match but won't be surprised if they do.
If your job classification is changed then yes your bonus bracket could change. That’s logical. Unfortunately most companies that post billion dollar losses cut or don’t give bonuses either. That is a very real possibility that was already brought up by my manager in my mid year review
@xkn In technology, many area's are undergoing a job family change. Which means new titles. My manager told me last week that they would be coming in the first week of August. I work in ICS, which is unfortunately under Technology, and our job families are definitely changing – again! I have not heard anything about bonuses being cut in half. But, it would not surprise me.
Call up my contacts at Santander and USAA and get a job paying the same or more money.
For those with annual bonuses of 30% and higher ($$ tens of thousands $$ for some), this is a big deal. That level of compensation has always been disgusting, IMO.
People lived for the bonuses, because raises are a joke. Now both will be a joke.
And title changes will have an impact on your resume while job hunting to get the heck out of this house of cards. Prospective employers are told your title during VOE (employment verification).
I'd be fine with it. I don't rely on my bonus because it's never guaranteed but it is nice to get one so half or less is fine.
You need to be much more specific in order to be taken seriously
This actually makes sense as there are way too many managers reporting to managers reporting to managers. Very confusing
I haven’t heard anything about new titles. Do you even work at WFC or are you trying to stir the pot!?!