Thread regarding Wells Fargo & Co. layoffs

Who cares. Just move it out if you don't want it there.

Wow .. I never knew about it until yesterday .. I recently joined the company too

This is nothing new. They’ve been doing the match into the ESOP plan for years. If you don’t like it, transfer it into your preferred equity.

I don’t specifically knock Wells for embracing changes that have been in effect for decades at other employers. Much of what is being changed has been standard fare in the corporate world for many moons. It just seems that many WF employees have been on this wagon train so long they never knew of the changes occurring outside of the org. Not sure which is sadder, not having a full understanding of what a 401k match in company stocks does to your risk exposure if left unchecked or having the employment blinders on so tight that when changes occur on your home field that appear to be so dramatic have been rolling through corporate America for nearly a generation now and it’s making so many want to yell “get off my lawn”.

@ahy, I left BofA, because they were planning on having my team move to Charlotte, NC. I was not going to do that. They also were not providing the support I needed to do my job with my teammates located in India and Mexico. Soon after I left, they did hire three resources in the US! Too little, too late!

WF seemed to be a good choice at the time, but this was before all the scandals were exposed and everything going downhill. I knew there were some problems at WF with the cliques and nepotism, but I didn't realize how much it would affect me when returning (I had been a contractor on and off for many years.). BofA didn't have the cliques, because their business model encouraged people to move to various areas of the bank and not stay in one position their entire career in order to get promoted. It was a much better environment as far as that - less bullying and less BS.

If I had to do it over again, I would have chosen another company - hands down.

I’ll add also that BofA not only gave you the company match with each pay cycle, they also honored your investment choices instead of just putting it in their own stock. The investment choices were WAY better as well.

WF hasn’t really been a good plan sponsor for employees, plenty of self dealing and borderline practices. They are actively making it worse. I don’t know if our plan allows for in service rollovers but I need to look into it. I should have rolled my 401k into an IRA.

@xck+17AQnUsa why did you leave BofA for WF? I assume better pay?

@lwp, that is what I find unbelievable. You have to be with WF for a year before they start matching. Also, they only do the matching every quarter. When I worked at BofA, they matched immediately and they also did the matching every pay period.

WF - smh - as always.

Target a specific percentage you want exposure to on company stock and rebalance quarterly. Ask an FA for help or HR if you don't know how to do this. I personally don't go over 5% on the ESOP company stock. You're already exposed to the company's ups/downs by working here, why add more to it in your retirement account (money you will use when you are no longer working here).

I've been at Wells a year, will get my first company match in December and looking forward to stock, honestly the price can only go up from here... Eventually... Right?!

Selling it automatically is definitely the way to go. Spread the word.

In hindsight, of course, I would rather have had the cash.

There are opinions on both sides, which is what makes the world go round, But there is no strong consensus among professionals that these are the lows.

Current analysts ratings are 3 sell, 15 hold, 6 buy, 0 strong buy.

Consensus price target is only $31.38.

I just rebalance and sell all WFC stock after each quarter. I'll do this annually now.

Unfortunately, I think we would all be shocked at how many employees are sitting on too much company stock in their 401Ks. For those better at digging into the #s, is there a way to figure that out?

I wouldn’t call those employees lazy. I would call them busy, not properly educated about how to manage their 401Ks, maybe too trusting of Wells. Investment knowledge is not the forte for many WFC employees: tellers, admins, call centers, back office, IT, new employees etc.

WFC stock has a very long way to go before employees will ever even break even, much less profit.

Just move it out. For the lazy people that don't rebalance, WFC (long-term) should at least beat out cash.