Since lot of discussion lately is around pay and bonus, I thought of asking this question.
Folks who came from other big banks - BofA, JPM, Citi, GS, etc., how was the bonus at that organization compared to WF? Say in 2019 you got bonus of $100 at WF, what do you think you would have got at your previous organization?
I started the other thread asking about bonuses. From BofA and can absolutely say for a fact that the bonuses are much higher here. It's simply not possible for someone in a support function there to get 30-40% bonuses in an IC or middle management role.
I would say half that and you're probably on the higher end.
I think the Pre-Charlie Bonuses were high for the industry (virtually a guaranteed percentage of base salary be it $15%, 30% or higher). That was always the draw to coming to WF. By comparison, most other banks provide each position title with a range (ie. $0 to $50k) and depending on where you fall in your 1-5 numerical rating determines your bonus (so if you got an average rating, with those numbers, you would get $25k that year). I think WF is heading in that direction. Never made sense to me that if you hired a Manager for say $150k, you were almost guaranteed a $45k bonus that year....
"Wells pays higher starting salaries for experienced roles than our competitors do"
No, they don't. They do the same thing that Citi and others do and pay salaries based on your area and what you were making at your last job.
Wells pays higher starting salaries for experienced roles than our competitors do.
To date, WF's bonus structure is ridiculously high. I know WF doesn't even offer cost of living raises, so bonus offsets it (although never guaranteed), but bonus structure is off the charts for middle "mgt" roles and up. 30% to 90% and more – you do not see this at competitors.
My BAC bonus of several years ago was almost double what I got my first year at WF. WF recruiting straight up lied to me on this point, and the way they prorate PTO, start benefits and pay bonuses was awful.
In the past couple years, the bonus targets were adjusted up for my IC role so it’s now more equivalent to competitors, but several years behind the curve, as with so many things.
Agree with @bde. Many employees do not get any bonus, and it depends on whether the LOB is considered a cost center, or a profit center.
This question is very dependent by LOB. Wells Fargo currently is cutting bonus targets vs. funding of bonuses quite yet (there is a nuance).
At Chase, you didn’t (i.e. $0) unless you were at the manager level or above.