Thread regarding Wells Fargo & Co. layoffs

I was in Technology years ago. I left when I could. Now I've been reorganized back in. It's as miserable this time as it was years ago. Compensation is lower than other areas of the bank I've worked in. You don't have a personal life in Technology either. You're always working late or on call. If you have other options, I wouldn't move to Technology.

I wouldn't do it if I were you. Look elsewhere. This place is an everlasting dumpster fire.

Tech is filled with non-Tech managers who are only there because they know someone. Be careful. This area is truly a mess.

I'm in Tech. Been here about 15 years.

You can expect between 0% and 1.5% annually. 2% would be unusual.

They're big on what is called "midpoint" here. That's the middle of the salary range. For all practical purposes, the midpoint is the defacto maximum. During your annual reviews you'll hear phrases like, "You're at 96% of midpoint, so there's no raise for you this year".

Technology here is old, and progress is glacial. It's a frustrating company to work for, but it wasn't always this way.

Suggest you take the job, but keep looking. You probably won't want to stay here.

Banks don’t pay well in tech.

If you need a job or resume experience, fine. Plan for your exit in 1-3 years though.

Lending Tech here, I did not get any raise last and this year. Previous years, 1 to 2%.

Depends on the LOB or Enterprise Functional group you are hired into. I’m in WIMT. Got a 5% raise this past year (all previous years was between 1.5 - 2.5%. Also received 110% of bonus target.

It is important to look at where you work in the company. I know for a fact that there are salaried who get stiffed, but then lower echelon worker bees who are key to departments that have never seen a year go by without a raise and a bonus. But these are very key folks. The IT gig is a different venture, of course. You might be wise to ponder some of the advice given in some of these earlier comments regarding new/old tech and decide how much of a factor that really is going to be for you. Unlike many on this board, I don't see Wells heading for dissolution but for some more furniture rearranging. Good luck.

I just left Wells after 15+ years in technology for a company that is much more modernized. Even though I was a senior engineer at Wells, I’m finding myself having to catch up quickly on new technologies because Wells isn’t doing anything modern.

If your hope is to go into management then that’s one thing, but if you plan to stay technical and want to stay relevant, don’t come to WFC.

I worked their for many years and always got a 2% raise.

"I've seen many Software Engineers remain in that level for decades and they are fine by it. I guess they are just fine by their slacking."

Maybe they "slack" because they know extraordinary effort is rarely rewarded, especially in these days of spans and layers.

Midpoint for new Software Engineers are typically 120K and if it's fine by you, you will remain in that base for quite a long time, not until you get promoted to Sr. Software Engineer, which is close to impossible, not unless you are top-notch. I've seen many Software Engineers remain in that level for decades and they are fine by it. I guess they are just fine by their slacking.

Run don't walk.... GET OUT!!!!

@djx nails it about the frustration. Realize that by coming here, you're joining a business that is always changing, but that change is almost never meaningful. It's almost always administrative/procedural.

Real change rarely happens.

I am in Technology. If you are fine with old tech and even older ideas, welcome aboard. Otherwise, keep looking if still employed. You will only get frustrated, especially when you realize that they did not hire you because they want your expertise.

Expect 0% in 2022 since you would be new. Since 2010 the merit increase pool has been 2% at best - meaning that some got more and others got less. Last year those with salaries >150 were given 0%.

Assume no increases. Roles making over 150k have not only been removed from raises but have also had to offset premium costs for those under 150k, so each year you will make less and less. I would not come here to work in tech, there’s better opportunities for sure especially if you don’t think the offer was competitive. I only stay because I’m at the top of the pay range for my role and competitors don’t pay anywhere close to where I’m at.

Since it's Technology we're talking about, did you ask about training? I understand there's a lot of leaning on Pluralsight. I can't speak to that -- my non-Tech group doesn't invest and send us to training any more; we simply get pointed to training videos.

In any case, I will give you my humble advise. If you are currently out of work and on your last week of unemployment benefits, then take the WF offer. If you are coming from another company. Keep looking!

Depending on the group (I'm not in Technology, for the record), you can expect anywhere from 0% to 2.5% (on the upper end, and that's when they're exceedingly generous). You're eligible for bonuses, but there's rumors that bonuses in February will not be paid out, will be reduced, or will be paid out partially with stock -- again, just rumors.

You'll have those who insist you'll get a bonus; I can assure you that the bank in the past has selectively awarded bonuses (by line of business). There's precedent for it -- I know this from experience, 2009ish.

HAhahahaHa this sweet summer child thinks he is going to get a base salary increase at Wells Fargo over time, how cute

Here's the truth: Occasionally you might get a pittance and it will not keep up with inflation

I work under Enterprise Technology in a LOB dedicated role. Haven't seen a merit increase in two years. I'm a Software Engineer title even though I don't do any actual software development.

Different groups within Technology may be different. It's a crapshoot.