I just got an opportunity at WF and accepted the offer. The salary is 50% higher than what I'm making right now and would love to take the position. My concern is that I'm seeing all these posts about layoffs. What do you think the chance are of them hiring me, and then me losing my new job? I'd be totally screwed then.
20 replies (most recent on top)
To @arv+18kLE3JW sorry it took so long to reply. I hope you see the new message. I'm not used to the way this site works. Would love the feedback.
This is the original poster. Thank you for the feedback. I did accept the offer and have just started in the branch. I worked in the brokerage business previously, at an independent RIA firm that was struggling (a lot of job insecurity there). Big brokers like Fidelity were only offering 50-60K with incentive. However, I did have my Series 6,7,66, and State Insurance so I was brought on as a retail premier banker 2. So most certainly more responsibility. My old company did massive pay cuts, and I was most certainly underpaid there. Went to Chase, but a very similar position still paid only half. 42k per year + some bonus (around 70K per year total). This position is 90k a year with incentive pay (Glassdoor puts it around 104K, but looks like if I outperform and hit my bonuses here I could possibly make 120K+).
You are insane.
$420k is low for a Sr software engineer role (this is with benefits)
Here is another person making more than this, google, facebook and other tech companies value their technical staff.
https://www.youtube.com/watch?v=LMchrEYphcE
That person who says they got hired by facebook... hahah, that’s not the compensation structure at facebook, what a liar. Think this guy/gal is trolling.
Old guard is what got the company into this problem. People coming in have at least a couple of years of go. You’ll just need to be patient because while all these jokers talk about old, out of date system, the old guard is who made those decisions to not invest. Hilarious to see people complaining about the very things they did or did not do that cause the problems they are highlighting.
To @wmk+18kLE3JW with the Facebook offer of approx $420k vs staying at Wells making 35% of that.
If this is a serious question, and note I believe those numbers because I recently interviewed with them too but didn't get an offer, then I would jump on that without question. Most likely a move to Menlo Park and your expenses will be high. I think Facebook might be demanding and have a lot of red tape but you should be used to red tape from Wells. If you can last 4 years at FB then you should be in a much better place financially and experience wise. Then you can make your next move.
I will be trying again with the FAANG companies in the future.
They dont want any more old tech people either ; nothing is safe here. Once you get in and after a few weeks, that is when the mental abuse starts . They really dont want any more employees, if you have heard the term last hired first fired is very true.
If it’s in tech, a new position should be pretty safe since they have to be approved at the cio level. I’ve worked in tech at WF for the last 16 years. You will have to deal with a mind blowing amount of process, forms, approvals and minimal access to anything. Takes forever to get anything done...
Wells Fargo has great people, but some broken processes. On balance, it is a good place to work.
If you can get one offer you can get another one. I can't tell you what will happen if you come here - but I CAN tell you that you will be signing on to a life of constant insecurity and worry. Why would you do that, when you don't have to? You have a job. Keep it and keep looking. If Wells is willing to offer you a 50% raise, somebody else will be too.
hmmmm, what is it paying higher than?
See if they are willing to give you a contract. An employment contract would make it hard for them to just lay you off whenever.
Only if you're a white guy from Chase being hired for the C suite.
== approx $420k
Definitely take the fantasy offer, after all it is only make believe.
Depends on the role and group- if you don’t mind sharing that info at least some of us, myself included, can give you legit advice. I’ve been with the company 5 years and have friends and colleagues in various divisions. Some are great areas with a lot of opportunity and others are holes of despair where people are ecstatic to get away from. Understand that you will be committed to your job if you take it that is for at least 12 months. So if you don’t like it, the manager, group, etc you’ll have to wait it out to post elsewhere internally.
But without any other info, a 50% increase would be crazy to pass up. Where you just underpaid at your current company or is it a large increase in responsibility? Good luck to you either way, and “don’t feed the trolls”; you’ll get people that will respond with nasty comments, telling you to run and don’t look back, etc and I’m willing to bet many of them don’t work here or are just not good at their jobs and are afraid of being laid off. If you’re good at your job, and have the respect of your peers, you’re very safe here.
It depends. Can you share which group and which role/level?
I just got hired at facebook and i just saw on the news it is being charged for breaking anti trust laws!
Offer:
320k Sr Developer
Bonus 20%
Stock Options
== approx $420k
But should i take this offer or stay at wells for 35% salary and risk of getting the hammer here with layoffs?
Depends on the role and the level of experience in that type of role. In some instances, the hires are real for specialized areas. If you are in a general role, you may be hired so you can be laid off in 2021. You may be a built in sacrificial headcount.
Run forest run. If you have a stable job, do not come to Wells Fargo if they offer you a million dollars. I am a manager and massive layoffs will kick up next year, and it is based on stack ranking. We just put our Newbie (hired in 2019) at the bottom of the stack and that person will be gone early next year. My boss is keeping his loyal buddies and people who are settled and trained over the new guy.
My experience is the old guard is intentionally dumping new hire reviews to get them fired so they can save their own job. Hard for a 6 month hire with a 2 rating to go against a 20+ year diversity hire.