Just wait till you see the effects of technology job title changes. 😂😂😂😂
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Myself and two of my co-workers were given this AVP title because we deserved a bump in pay due to past results. HR had to change our title to AVP in order to modify our comp. All of our job duties remained the same. For us the AVP was a meaningless title other than the kudos received for now being part of the executive team and of course the pay increase. My guess is that the managers running the show realized they were about to lose seasoned reps unless they provided a meaningful bump in pay.
makes no sense
What happened?
Did they just auto elevate everyone from Prince associate to executive?
This was a spot on post, in retrospect. Nice job!
The AVP (and up) title makes one an Officer of the company, which increases one's legal responsibility and liability for corporate behaviors.
https://www.rpepperlaw.com/fiduciary-duties-of-corporate-officers-and-directors-utmost-good.html
Actually a lot of ASE 4 got a bump in bonus From 7.5% to 10%, and quite a few i talked to got 2-3% increases. shrug. I know of one person whose bonus went down from 15 to 10%, didn’t ask if salary went up to compensate. PS, I’m at 96% (115k of 120k) of MRP , so yes people do approach it.
@1hix No compensation changes happened. That is BS. You know as well as I do that doesn't happen until March in any year without a new job. The only compensation mentioned is the new MRP, of which no one is ever close to in reality. So an email would be fine.
None of the lower titles mean anything. AVP or VP is nothing more than putting a gold star sticker on your forehead. Hmmm.. A little like a Golden Coin they give out to select few. Ooooooh. Gold coin. oh boy.
With the title changes they are handing out AVP and VP titles to those who didn't have them previously. For some reason, people even at the same level/title would have a VP title and some would not.
If you got a title change you'll be notified verbally of the title and pay, and then get a formal, written notification after the verbal conversation. Been there, done that.
I was once told, many years ago, that titles like AVP, which I was granted and which I consider meaningless, were a method of distributing the liability of risk around the bank. I didn't know what that meant then, and I still don't.
It’s not something allowed to send via email without a conversation. It includes compensation information which may go up or down (mine remained same).
To all those that say this site and its posters are bee s, the title changes being communicated today and in the coming weeks were mentioned by several people on this thread.
We are finding out our new titles today. It seems like they are making a big deal out of something they could let us know via email.
Oh yeah. SEVPs and EVPs are different- the majority of them are on the operating committee or management committee and they don’t play by the same rules regular employees do. AVP, VP, and SVP are meaningless titles. Common across the banking industry. Those titles are just window dressing and have no impact on your compensation, benefits, or severance. Being an SVP will mean nothing if you get laid off.
At WF, SEVP and EVP titles are held by a very small number of people. They aren’t laid off so much as fired, usually subject to some type of contract.
One of the special extras you get at this level is called clawback provision. Just ask some of the former WF/Norwest “leaders” about having to payback their compensation to the bank.
@vxq can you provide examples of those “extras”?
SVP and EVP are different, those come with extras. This thread is about AVP and VP titles. Try to keep up.
Yes, comrades it is now time to go with the Dwight Schrute /Dunder Mifflin strategy – Give yourself a title: Assistant to the Assistant Vice President (A.A.V.P)
Corporate titles are common in banking. Bank of America, Goldman, etc. But hidden corporate titles? Add to the list of why Wells Fargo is Wells Fargo and not JPM, BofA, Goldman, etc.
@jv1 do you see how people laugh at your stupid ignorant attitude?
@self important SVP
Obviously the bank was very interested in getting rid if you, it’s really not a bragging point.
Beyond that, no reason to believe an anonymous posting over actual bank documentation.
Besides, the bank made changes to the severance benefit fairly recently. Salary amount used to increase the number of weeks of benefit, but the regulators considered that an inappropriate golden parachute for crooks being shown the door.
Of course, you would know that if you hadn’t already been shown the door. Congrats on all your “success”
@jvl when were you let go? Gotta imagine they get aggressive in the current environment and those opportunities might not be realistic for much longer.
@jvl congrats on losing your job, big guy.
To all the people who think those titles don’t matter on severance - I’m a former svp. Got a year severance despite only working there 4 years. In case you plebes don’t get it - not all benefits are in the handbook. Do you see anything in there about golden parachutes for EVP?
Are they handing out titles to appease team members who will be left with double the workload after the bloodbath? I’m a VP and it has little value other than looking good on my resume...unless a prospective employer knows anything at all about WF. At that point, the value of a title takes a nosedive much like our stock.
Comments made by @jnw are correct. Wells Fargo ended those officer benefits when they acquired Wachovia.
I’m pretty sure all technology managers will get the VP corp title. I got it, without asking and without any change to my role, responsibility, or title.
Hey ya'll, those titles are handed out like candy in liue of paying more.
At my old employers in tech, VP's were rare.
At Wells, you probably signed a few AVP's up for 8 is great accounts and didn't know it.
Here is the link to the benefits book, Chapter 14 outlines the severance benefit. Corporate titles are not a factor. The only things that matter are years of service and your covered pay. People posting otherwise either don’t work here or don’t read the information that is provided.
https://teamworks.wellsfargo.com/pdf/currentYear/Benefits_Book.pdf
Those titles also dictate the amount of severance you get
At Cap One the titles dictate your compensation range. VP and up = serious money.
The new titles will really help pad the resume when we have to find a new job due to layoffs.
@OP, who cares. If you have current skills in tech, you wont have any issues going elsewhere. Perhaps you are suggesting a mass exodus?
@ jnw+16gr9n7y
Wrong. Corporate titles carry no bearing when it comes to disability insurance claims or severance.
However, years of service do in fact count towards additional short term disability weeks of pay or severance.
Read the Team Member Handbook.
Titles granted at First Union and Wachovia were generally only done if you were managing employees. I don't recall many IT IC's having titles, however, their salaries were much higher that most other jobs-so they had the last laugh. Additionally, once you made VP, you got paid disability insurance and increased severance. I'm sure some people will make some snarky comments but people worked hard for these titles.
The corporate title has no bearing on bonus structure or compensation. It’s strictly an ego title, with no bearing on anything. Just allows you to put some initials after your name.
Examples from our extended teams: Apps Engineer (4&5), Web Engineer (4&5), Operating Engineer (5), Systems Support Analyst, Business Systems Consultant (4&5), Business Initiatives Consultant all will be gaining the AVP corp title. Roughly 50 in our group will go from not having a title, and not needing one, to getting one. You know what they say, ‘when everyone has a title, no one has a title’. 🤣🤣🤣
@OP examples? Humor us
these are banking titles that mean nothing for folks in the back office (not customer facing).
will this affect compensation or only bonuses?