I heard that the new hires do not have bonus any more. It’s all up to their managers. So what will be ours? Do we still have the same bonus target?? If not, what’s next??? Why things just keep changing crazily in a bad direction???
21 replies (most recent on top)
I never expected a bonus because I never got one. So I have no sympathy for those whining they were counting on it. Chase taught me not to count on anything and when they imported their management I knew the same would happen here. Execs get all the gravy and you get the shaft instead of the elevator. Get used to it.
Eight is Great!
I still do not understand how there cannot be a target. It makes no sense. I need to read the material.
We landed on the moon!?!?
@wja+1eIK8Gma Idk - I work on the west coast and people in my group are under the delusion that they have a say in pretty much anything that comes from senior management. They have meetings after meetings after meetings to brainstorm why senior management is wrong, what they should do instead and who will put a PowerPoint together to deliver the message. Nothing ever comes of it, mind you, but 10-12 people waste a whole lotta time on nothing.
@wja+1eIK8Gma You said it perfectly bubba. Wachovia dragged this company down efficiency and talent wise. the Wachovia culture of pointless meetings and needing to approve everything through the east coast bureaucracy
Where have you been? They announced months ago that bonus targets were going away & it will manager discretion
I think you meant to type “roles”, not “rolls”.
When I started working here 17 years ago it was a different world. There were much more intelligent co workers who were vastly more motivated. At that time when leadership said something was getting done, it got done on time under budget. After the bank acquired Wachovia, things started going down hill. More and more Wachovia headcount took on leadership rolls, likely because they're cheaper. The problem with ex Wachovia management headcount is they've always been short on brains with some very bad habits. People through out the company would make fun of them for having the horrible habit of setting up dozens of meetings to make even the most basic of decisions, often wrong. Instead of a couple managers getting together and making a decision it would be 90 people on a dozen calls to decide how to sc--w in a light bulb. Then after sales incentive problems a number of things occurred. One better quality headcount started leaving if a better opportunity came knocking. Then HR had a harder and harder time finding better quality candidates. Even worse expenses exploded to fix regulator issues and they started trying to save money by hiring 3rd string headcount. Then even worse they hired a guy who did HR at Walmart, who was a total clown. He changed the bonus from a bonus where you had to earn it to a bonus that basically everyone got. If they said you were getting 30% bonus they would take that and multi by .8 to 1, and basically give an entire group very similar payouts. What happens when you pay out the same bonus to everyone. After a while people say to themselves.. why do i need to work hard and put in 50 hours if someone in my same group who works 10 hours is getting the same bonus. You do that year after year and not only do the best people leave, worse your stuck with a bunch headcount who barely lift a finger, and why should they. Things need to change, we're at war with other banks, if incentives aren't aligned right the ship will go under.
Based on the info posted, 8% bonus
Anyhow know how they will take into account moving jobs since last years bonus? My old group reduced my bonus last year BECAUSE I put in my notice not long before numbers being final. It was less than the year prior. This year I would have had a higher bonus target (well I did when I signed the offer for this job) but not sure if I’m going to get shafted because of last years bonus debacle. Anyone know what to expect in this scenario…? And so glad to be out of the group too hat treats people like my old group.
Downvotes here sure demonstrate someone sure likes discretionary bonuses.
Charlie, is that you?
Here is the key: Up to Management discretion. What level of management. Could be Saul and run some algorithm that well spits out nada. Or that is going to be the excuse managers give their staff. They can give 2 people nice increase maybe two depending on your Org size. This takes your manager off the hook. I think there will be fewer pennies to spread to more people and the people that are not BFFs or the people that just do their job silently will be SOL. All managers are going to spin that. Maybe not in the LOB that generate revenue but the overhead it will be
I want to know how less transparency means more competitive. Like, someone has two job offers with similar salaries, but one has a 20& bonus target and one is 100% manager discretion. With my experiences here in the bank for nearly 20 years, there's only one of those two options that looks appealing.
The last time I was promoted most of my pay increase was in the form of a higher bonus target, which now no longer exists. What a joke!
Well. We haven’t seen Furloughs yet. I know many people from large INTL companies and all have had 2 to 4 weeks furlough in the last two years. I also believe the “management decision” what you get may not be the front line managers
I think this will lead to inequities but what else is new.
So plan RTO when HR decides (i know everyone will quit)
Plan for no increase (i know everyone will quit)
Bonuses - insulting if any
We will all have to fall back in our pychie’s of saying. Be happy you have a job. Yes inflation is going up and our increases will likely not go up with inflation (do they ever unless you are an Executive or Senior level?
They say we can’t have everyone exceeding expectations (only ones that will get decent raises) so they make the bulk average then some “needs improvement” all these decisions were made indecently of Exec decisions on bonuses.
So remember this is a layoff site and that is where our focus will be this year.
Remeber be happy you have a job. If you are not you will be really unhappy after comp calls. Remember WF has a big expense ho-e to fill and this will be a great way. Now if Execs achieve their expense reductions they will get a BIG FAT BONUS
If you are bonus eligible your manager now has discretion as to how much you are awarded. Bonus is no longer a percentage target based on job title. They “say” it’s to be more competitive and fair but we will see how it really shakes out. This year they “say” your bonus should be no less than what you got last year.
it's called tvc now, no bonus targets but still bonus
Ah, who said new hires don’t get bonuses????
Bonus cut this year. Expect nothing. Merit salary increase went up 1% that’s all we’re getting
Wow, it’s almost like i jumped in a time machine and went backwards a few months!