How are long-term equity compensation determined at Wells Fargo? What level of job title do you have to have to receive them? Or is based on LOB officer titles?
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The minimum is not $10,000. I received less than that. It just depends on your manager, your level, and the rest of your comp.
In my role, you start getting it if your cash bonus is over $100k. However, it’s not additional. They actually reduce the cash bonus by about 30-40% and pay that in deferred stock instead. I’d much rather get all cash.
Couple good comments in this thread, a couple blatantly wrong ones.
Making $150k a year does not in any way mean you get LTI. And it also does not reduce your non-LTI bonus... it’s completely separate. In my group, it is possible but rare for people at the VP level to get them, but at SVP and above it is very common. And it’s basically the same percentage of the cash bonus. So SVPs might get a 40% cash bonus, plus a 40% LTI. It’s insane and very generous.
its outside your bonus target (read your benefits book), its a nice benefit, it vests in 4 (not 3) years, with each year getting a 25% vesting... I dont know which levels get it- I am thinking those that are about a 30% bonus target and above...
If you make more than $150k, you get it.
it's a way to try to entice those that provide more value to stay. Minimum is 10k a year, but most get upwards of 50k. It vests over a 3 year period.. It's not just based on job title, it's literally based on your management's expectation of your role and influence. If they want to keep you, they give you some each year.
Disagree. Much more intentional than most realize. If you sit at the upper 2-4 levels like me you'd know.
However, we overpay.
Things changed a bit this last comp cycle where they looked across job titles to see what percentage of people in a specific job title and job level had LTI in 2019. Come to find out, that didn't really mean anything across the board but was more specific to your group. So if job ABC4 had LTI of 95% across the company, if your LOB didn't give LTI to ABC4s, then you wouldn't get any. They're trying to even that out for next year's comp cycle.
It’s not as glamorous as it seems, actually it s—s. It’s not in addition to your bonus target, it’s part of it, so what used to be cash bonus is actually restricted stock subject to years of vesting and downside risk if the stock falls.
There is not much rationale behind it. It’s a mess. But love to collect it!