Hey All - Just got an offer from Wells Fargo. I have been following this thread lately to gather some perceptive which I will need in order to make the final decision. My offer is from Corp Risk. I am curious to hear from you folks who might have worked in this area or know people that work or used to work. Particularly, I am interested to know considering what is going on - would you recommend someone with a good stable job to consider joining Wells? I need to make a decision by Tuesday, so hope to hear from you folks.
38 replies (most recent on top)
Again, OP is coming from a good stable job.
As with any job offer, you can 1) accept 2) reject or 3) counter-offer.
This is your chance to counter-offer – ask for 20% above the current offer from WF. No need to explain or embellish beyond "Well, my current employer values my skills and really wants to keep me."
Of course, if this is a more junior /lower level position, then WF is unlikely to negotiate. But you never know, and it's worth a shot – especially given that you have "a good stable job."
Like Sir Robin in Monty Python and the Holy Grail, you should bravely run away!
@1qjr that wasn’t my response so not sure what you’re going on about now
Yes, several... both me. Here was your response:
@OP, if this is your first job and your only offer then take it. Regardless if the conditions at WF, landing your first job is important. Learn as much about “working” in general and plan in 1-2 years that you’ll move on. The idea is to keep you on your toes by always looking for a more “ideal” job.
23 hours ago by Anonymous | 3 reactions (+2/-1)
Post ID: @nhk+1a4kRC8Q
Yes people, they walk among us.
@1yem maybe you should check your own reading skills. There are several team members who answered the question of if it’s worth it to leave a stable job behind
To OP, this will be part of the fun in Corp risk in my experience. Lots of people ready to get petty for no real reason. But so agree if you have good listening and/or communication skills this will probably be a bad fit for you. I know I regularly waste at least 6-8 hours every week on meetings explaining the same stuff to the same people who appear to the memory of a slice of Swiss cheese because this org favors people who lean on the few capable ones to do their work. If you are used to working in an environment that’s a meritocracy or where people gladly drive their own buses, you will hate it here. I know I do and regret leaving my previous job every day
Truly amazing... I just sanity checked to be sure... NOT ONE other Wells teammate even understood the OP’s question. I’ve gotta get outa here.
OP asks: “Particularly, I am interested to know considering what is going on - would you recommend someone with a good stable job to consider joining Wells? I need to make a decision by Tuesday, so hope to hear from you folks.”
You may have noticed the general poor communication skills here. The part of your question which amazingly nobody has noticed, let alone addressed, is that you now have a good stable job so you are job hunting from a position of strength. Coming into Wells would be a huge mistake. As others have noted, no stability, last in first out in displacements, organizational chaos and no chance at stability.
Would you even want to work at such a dysfunctional institution where not one team member has even comprehended the crux of your question? I simply cannot envision a scenario where you would be making a good move by coming here.
Depends on the role / LOB.
its a dead end short term job, I would never join here again if I knew what i know now
only someone with no skills will join here as they cant get other offers; the nut who is saying to join, is a wacko.
Here a golden rule also is last hired first fired. Some managers hire people just so they wont have to let their current staff go, so say they hire you and 8 months to a year later lay you off and say hey Chainsaw, I layed off one.
Very common scenerio. They do this in infosec.
I’ve heard at least two people this week, in a group with historically low turnover in Technology, comment that they were going to update their resume this weekend. This isn’t a big deal in itself, but these are the go-to people, the people who can solve any technical problem and move through any political resistance by sheer force of will. The constant change is wearing even the high performers down, along with the “meets is the new exceeds” and general uncertainty. People are burning out.
@OP, if this is your first job and your only offer then take it. Regardless if the conditions at WF, landing your first job is important. Learn as much about “working” in general and plan in 1-2 years that you’ll move on. The idea is to keep you on your toes by always looking for a more “ideal” job.
I think I am one of the few that actually likes it here at WF quite a bit. I think the team I’m on feels the same way, at least that’s what they tell me. I would definitely like to continue to work here but that’s just me...who knows if I will be able to. This website is all about fire and brimstone.
I highly recommend to join. No work place is ideal.
@quh, no we were paying these salaries before the CO/asset cap. have a lot of colleagues who came from other GISIF's and came here for the higher pay and bonus. WF pay scales are tied to market rates, it's just I haven't seen the "market" rate at other banks personally. doesn't mean some don't offer just as much but it may be a more hard ball negotiation to get it.
OP - Are you currently at a bank working on machine learning applications for financial crimes / risk & compliance? This Just In: WF is generally better than working for DoD, so there is that.
Work in Corp risk and agree with all the responses. I have one of the c-appy manager teams that’s really not getting the changes they’re trying to put into place and everyday is like watching someone try to turn a battleship around while drunk. There’s little insight from that level on the actual work impact required from their reports and they love to add more layers and reporting every chance they get which makes my job twice as hard. If you are new and capable and date to question the “old ways” you will be targeted by the people really invested in the dysfunction who will just pile it on you and create drama. I’m at one of the higher levels pay wise and I’m still working hard (both at my job and at getting out) and also believe it is true that once the asset cap lifts a lot of these jobs will disappear and first in first out will apply (cheaper severance payments, nevermind your performance). I moved over from another FI for a large raise and given how much the last year has burnt me out, I would have told past me to pass up the offer - this could be a career k–ler in terms of k–ling your confidence without leveling up any skills except survival
@bvs+1a4kRC8Q do you understand why WF pays more? It's because it's an emergency stopgap. Once the fed/occ is satisfied or the India team is spun up, those spots are the first to be eliminated. It's like COBOL programmers. High $$$ demand, but once the job is over, you're scrounging again.
@bdo by posting what group he is considering..
Not sure why you're being downvoted for what is at least ostensibly a sincere question. As an 18-year veteran of WF, I would recommend you steer clear of this place. It's currently in a situation not unlike it was during the 2008-ish financial crisis, but all of its troubles this time are of its own creation.
As I said, I've been here 18 years. I'm currently updating my resume and considering getting the hell out of Dodge (as in completely leaving the company). I used to be proud to work here, but lately this place is unrecognizable, and there's no longer any upward mobility.
@bvs. And how does he know if he will be in a good group?
If your motivation is about money, I suggest not. It is not going to sustainable. As some other people said, Wells pays Risk/compliance people too good, generally 20-40% more (or even more for some roles) compared to the peers'. It is just insane. Sooner or later, they will need to cut risk/compliance and their pay. Do you think those JPM folks don't know this? Right now, regulator stopped their plan to trim down risk. In my opinion, risk/compliance can cut 40% people and trim down 30% of the salary without any real impact on the work.
Risk has job because of Fed/OCC!
RUN!
@OP, depends on which group within Risk and what role and pay you're offered to be honest. Risk is huge and some leaders/teams are amazing, some are much less and people try to stay away. As far as comp, we actually pay better than most peers, those that don't think so are either not experienced enough or aren't in a role that is allowing them to put forth enough value. From what I've seen, we pay at least 20% more than our peers and I'm remote! So if you're looking at an officer or above and the pay is good, it's worth a shot if it's a good group. If the manager is a bad leader I wouldn't. There is a lot of change right now and it will continue. There's a lot of work as well, but again all of our peers are going through their own messes so I'll just say the grass isn't always greener in that regard. This board tends to have a lot of negativity and I'll wager those responding to this thread about 90% probably do not work in Risk. I do, and would still recommend if it's the right team and comp to make sense for you.
How on earth someone with a stable job wants to work for Wells after reading all of the posts here about laying off?
Wells is a very boring, cheap and behind. People are socially awkward and unfriendly.
I really would NOT right now, essentially if you have a good job with another company. It’s too unstable.
also meant to mention, they go by last hired first fired mentality so previous poster is right, you will be short timer.
money s—s compared to other companies, culture is really bad, everyone will do anything to save themself and throwing coworkers out of the plane is no issue for them;
only a nutjob would come work here now
You are a stopgap. Look up your job salary on glassdoor, but change the filter to India. Your offshore counterpart is paid as much as one-tenth as you will be paid. You will be replaced once traction begins in the risk area you are hired to work in. You are merely holding the rope until the India team can be developed.
If you have truly been following this thread why in the world would you even seriously consider WF? All everybody does here is complain, complain, and complain.
Really? Your just foolin around right? Your just kidding right? You serious?
Yes- Wells is a good company and is really striving to fix its problems. Compliance / Risk is very difficult now and Wells only has themselves to blame. Not a fan of Charlie and his radical cuts and selling businessess. but all in all, you can make a competivitve salary with good benefits- and retire there one day. Just make sure you never go TOO high up
The money will be good. But you will WORK for it. And I mean WORK for it! Workloads are insane and the entire risk organization is change-fatigued. The only thing stable/predictable about it is that it's not stable or predictable. Constant re-orgs, shifting of responsibilities, target models revisions, leaders constantly changing, titles constantly changing, and the list goes on and-on. So if you have a stable job, I would stay there if that's what you're looking for (stability). Unless the money what the draw is vs. the stability. I can't tell you what to do. Just know that most days you will be wondering if the money is worth it. I don't know anyone in risk (or the businesses for that matter) who doesn't think that most days. Only you can make the best decision for yourself, but just go in with your eyes open.
Failtroll
I'd have to go with no. Been with Wells for almost 11 years. It's just too tumultuous here right now. Things are really disorganized, and I'd be afraid I'd get hired this month and laid off the next. I stay because I like my job, and I'd get a good severence package if my number came up. But I couldn't in good faith recommend someone get started here right now of you have other options. Maybe in a couple of years when the dust settles but just too risky at the moment. Good luck to you.
NO!