Thread regarding Wells Fargo & Co. layoffs

@2rjs+17M5JRkW - you heard it right. They will not given any raises to people getting more than 150K. There are making one exact exception for one individual who is earning a precise salary of 160000. In case you are wondering, it is you.

Is 160 higher than 150?

you said more than 150k i guess someone at 160k will have no pay increases? is that right?

Been with firm 1.5 years - so no much of a severance package if I get wacked - looking at no merit increases for probably 2-3 years and a seriously reduced bonus going forward. Plenty of other opportunities out there given my abilities, skillset, and credentials - why would I stay? This BS is just going to rolling along for the next few years...

It's a good time to be commission-only, I suppose.

Raises aren't necessarily in the cards for those under $150K.

I'm a team member (sorry...employee) who has worked with the company since 2016. I started just before all the sh– hit the fan earning minimum pay. I have since moved myself up to an hourly wage that will give me about $54k/year base. That was four years of hard work, taking every opportunity I could, working 5 am - 8 pm during late December OT hours in my line of business, communicating my goals with management, and applying into a different line of business within the company. On year end I was given a rating of "consistently met expectations and sometimes exceeded".

I'm not someone who makes minimum pay nor someone who makes over 150k. All I can say that if I was making $150k base pay, you bet your f—ing a– I'd be p-ss-d off at not getting merit increase. Merit increase should be there regardless of pay rate. The fact the company is choosing to limit it at $150k is complete b—s— and will only drive good workers to start looking for other opportunities.

It's a bad decision, and hopefully it will be reversed like the 401k match was. But I suspect they are trying to drive attrition so they can avoid laying off (excuse me...DISPLACING) more people.

Will branch employees (bankers,tellers, managers) get larger merit this year due to the freeze and the focus on employees making less than 75k?

@xoc well look here. We got ourselves a victim. Poor me. I made terrible life choices and now I don't think it's fair someone makes more than me. It must be because they are white. That can be the only reason.

@xoc+17M5JRkW no, you don't get it. There is nothing about "power" and "privilege" when someone busts their @ss to pick a career, get training, and further develop skills. If you knew me, you would laugh at the suggestion of "power" and "privilege". People use that when they don't want to admit that the real problem is staring back in the mirror.

@lcc Typical person of power and privilege. You don't get it and you never will. Because you don't have to.

The "lower class" should never be voiceless.

I am in my mid 30s and make over $150K. I work in CIB and generate significant revenue for the bank. I went to a top university, worked hard to advance to my current position and pursued a graduate degree to enhance my skills and career trajectory. I am saddened by this development and the 401k debacle.

I think the mantra here is that WF does not want top talent that works hard and has proven itself. It is time to move on to another institution.

@dfs+17M5JRkW I think "we don't want to retain top talent" applies. Think about it. Who are the skilled, top earners? Typically those in the industry 10, 20, 30 years. Typically those in the 40 - 60 year age range. WF can't fire a mass quantity of those and hire a bunch of 24 year-olds without facing a serious and credible age discrimination lawsuit. This way, those earners leave on their own.

@bqi+17M5JRkW why are you hating on other employees? Do you know why WF pays those people $150k+ a year? In some cases, it is related to playing favorites, but job families are created to identify specialty areas, depending on years of experience and education. WF can replace a teller on the same day one walks off the job if they wanted. Hiring a skilled engineer with 10+ years experience and advanced degrees is not quite as easy. There are fewer available, and they are in high demand. If you are unhappy with what you're making, do something about it. Stop b!tching about someone who has put in the time to get to where they are.

Just b!tch about it and they'll reverse it like they did with 401K. Those with more money get heard when they complain, while the lower paid employees just have to accept crumbs and shut up.

wonder how they'll spin this with "pay for performance?"..
"we pay for performance as long as you make under 100k"
"we only pay for performance for lower wage earners. Higher paid earners are encouraged to perform for their paychecks"
"we don't want to retain top talent"

will be waiting for the axe to fall on bonuses and then there will be a mass exodus of talent and unfortunately not the talent WF needs to lose. They'll lose the people that are moving things forward and be stuck with the ones that can't get a new job because they're just lackluster performers. Sad.

@ftp its the entire company. All groups all regions. We all get to bend over

@nkf It's a matter of perspective from where you reside. I don't think they should make 150 the number across the board, I think they should make it the equivalent based on location. 150k in Kansas would be the equivalent of 275k in Los Angeles. I think that would be more reasonable and fair.

And mo, before someone trolls,I didn't look at cost of living calculators, that's not the point I'm making.

Maybe there is a good reason that Charlie doesn’t want to share his vision for Wells Fargo.

It could be because his vision is to have a bloated team of overpaid senior execs at the top. And then to bring down the average pay of the general workforce to meh. He is blatantly trying to encourage the higher paid workers to leave. (Higher med ins, attempted redux of 401K match, salary freeze).

Raise Freeze hell. WF needs to cut pay. A lot.

This exec team is freaking out of their minds. They pull this and they're going to see productivity free fall. Charlie is such a poor leader, he doesn't know how to turn a company around he knows how to nickel and dime his staff who are going to return the favor.

Are you nuts? Why or what does the magic "150" have to do with any kind of boundary? Since when is 150k "highly paid" ? Anyone check silicon valley wages? Anyone check senior manger wages? Top IT talent easily makes 150k as that is the MRP yet we have to pay? Make it 250k and I'll buy in. 150? wow take a back seat. I have to go pee.

Does this impact CIB? What level managers were on the call?

How much cut CS is taking from his 36 million dollars salary?