Just curious, please share. I applied to several big banks and some IB like JPM, GS etc, I got immediately rejection. So I am wondering where can I go. Please help.
20 replies (most recent on top)
I would target community banks or credit unions if you really want to stay in banking. I’ve been at WF for a year, coming from a community bank and as a hiring manager in that segment of banking, I wouldn’t have thought twice about hiring someone from WF. Honestly, I’ve been in banking since 1998 and can say, banking has run its course. Find another industry if you have the chance.
“@1bkt, I wonder that, too. I am thinking maybe they were underpaid. I worked at a smaller bank and they didn't pay well at all.“
You might be into something. I was at 98% of MRP when I left. Knowing Wells reputation with people rarely making more than MRP I felt that it was fair. When I received my offer for my new role it would be at what wells would consider to be max pay for the role. So my pay went up significantly. So maybe I was underpaid,, when you compare it to what my new employer is paying I certainly was. But per wells standard I was being paid fairly. I also know from working in different fields some LOBs well pays highly compared to other roles and some they don’t.
pay wont be bad once I retire, sort of like extra cash
Pay is very important, but not the whole picture for many people. I am lucky to be on a great team with a manager whom I like. We always say we are in a somewhat of a bubble, not experiencing much of the pain we see in surrounding departments. But if they were to take him (or me) away at any point, and I was back on the market, pay would only be part of the picture for me.
Other important factors are a healthy team environment, benefits, time off, flexibility, work/life balance, a good manager, opportunities for growth, a company who considers their employees to be assets rather than a liability, and some sense of a higher purpose or positive impact on society or our customers would be nice. Good luck, right?
For me, I would rather make somewhat less money but be happy and healthy, than make more money and be unhappy and dread going to work every day.
Considering most corporations are using the threat of offshoring to hold down salaries, I would be leery of anyone saying they are getting more elsewhere in a recent hire.
For those, here, attempting to call out others about the truth about the WFC pay scale being good or bad relative to other banks: WFC is too big for most people to have any kind of a real handle on that topic. Unless you work in HR or are a recruiter. So someone may not be misleading you or posting fake info.
There are many factors to consider. Wells says they are competitive, based on their pay scales for each position. But most employees are not paid anywhere near the top of their range, many not even the middle. Anyone who has worked at Wells for a decent amount of time will tell you that the fastest way to get a meaningful pay bump is to leave and come back. Wells has always placed more value on new talent than those who stay with them. Another factor is 4 year degree vs MBA. Depends on your skill set. Depends on if you are in a profit-generating dept vs back office/support role. Depends on who you know. Depends on your LOB. Depends on the quality/fairness of your manager.
Most people, here, do not have nearly enough info/data to accuse anyone of not being truthful.
Regional bank or local bank - I easily found a fantastic opportunity with a regional after leaving WF. Much bigger role, more money and they matched all of my WF benefits and then some. Don't sell yourself short - the opportunity is there. It may just take time, but WF experience on a resume still counts for great experience.
@1bkt, I wonder that, too. I am thinking maybe they were underpaid. I worked at a smaller bank and they didn't pay well at all.
Current JPM employee who received offers from Wells Fargo and Citibank. Wells Fargo pays TOP dollar to their recent hires. My comp offer at Wells was a level higher than expected for my title. I turned it down though because I knew I didn't want to stay more than a year at Wells. So I took the Citibank offer, where I could see myself staying put for several years.
Wells Fargo has to pay TOP DOLLAR to get people to come. Citibank nor JPM offer the kind of money Wells Fargo offers...but Ive also heard certain areas in Wells are complete sh-t shows and some of the external hires are having a hard time adjusting to the "flat" relationships...
Some of the stuff I hear happening at Wells by legacy folks would not be tolerated at JPM and they would be swiftly PIPPED. Boggles my mind at some of the disrespect....I expect many of those recent hires to leave in a year or two.
Banks are bank. But the wild west that is internal Wells is like an extra headache I don't need even with the outsized pay.
I find it interesting we always have posts on this board about "leaving for a better bank" and receiving a lot more money than at WF but none actually state which regional, or smaller bank they went to. Why not? It's an anonymous board after all, what's the harm in sharing where exactly you went if its true and you're actually happier there? Makes me think it's just fake posts. Especially those that say they're 100% remote and got more money. Those are both a rarity in my experience. I've talked to Citi, USAA, Silicon Valley Bank, First Republic Bank, US Bank and others- none are offering anywhere near the pay I'm at and only a few have some flexibility in remote work but won't say 100%, except for USAA but the pay is really low.
So for those that really did get more money and flexibility, are you being paid above market or were you just underpaid at WFC?
I have some chemistry skills, and I liked Breaking Bad.
Retirement.
Left to a regional bank. 100% remote. I worked at wells for 5 years and prior to that was at another regional bank. Both larger and smaller banks have pros and cons but for me, I enjoy the how I’m treated at a regional bank.
I am going to a tech company;
I'm going to a smaller, but still large, bank.
JPM managers openly talked about banning hiring from Wells Fargo a few years back because of all the scandals....I'd be real curious to know how many Wells Fargo folks get hired in light of the flaying they got....Maybe ones with only a few years at Wells, but legacy folks...I would be surprised....
Smaller banks, mortgage brokers, and what I see a lot of lately is FinTech, who are more open to remote work than the Big Banks are, if that's your thing. If you're in Charlotte, I would guess Credit Karma and maybe Truist.
I found many offers right away after applying; you need to use new methods here and put on your resume so you get hired. No one wants to hire obsolete workforce!
I prob will be one of the few working in US, rest collect unemployment
Agree with OP. The big banks immediately reject me. The smaller banks are what I really want but because of my field, they rarely are hiring. I'm open to working outside of banking.
First of all, JPM and GS aren't going to any better of an experience than WF. I've talked to GS before, they were some pompous jerks to me and talked to me like I was 14, not a seasoned pro. Consequently, I ended the interview process because of how abrasive the interview questions were. The culture of all the top banks SUCKS!
Try looking at regional banks, community banks that hopefully value their people. Interview them, ask them questions. I'd also encourage you to look out side of banking industry, you might be surprised what you can find.