Thread regarding Wells Fargo & Co. layoffs

Next years bonus..

Question for the group. I’ve been told HR has provided no actual figures for bonus for the 2022 year, is this what other people are hearing?

Bonus for many is a huge component in their salary and compensation calculations. To me this is the final straw. Every chance CS has gotten he’s burned employees. 401k is now at year end instead of quarterly. Anyone over 150K base last year no merit, this year again anyone over 200K base this year no merit. If you factor in say 5% inflation last year and 7-8% this year, your talking maybe compounded a 14% drop in your real adjusted base and a loss on the 401k matched. Medical costs have risen 10-12% yearly. The company seems to have even also done away with coverage of some medicines. HSA funding has adverse funding based on salary, maybe even the same with with 401k.

One thing I liked at least about the former management is they really did seem to look after the employees. I was never concerned when I received documentation from HR on a change. With Charlie its like he’ll have the lawyers slide some big change in on pg47 where you find out he's trying to do some cheesy move to cheat you, and he does this over and over. He doesn't seem to care at all about an honest handshake type dealing with his employees. Instead of having a you do right by me and I do right by you, its more a how can I sc--w you over every last chance I can get. I want to work for a place where if rewards are in sync between the businesses success and my own, with Charlie its more 1 more dollar for me, nothing extra for you.

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| 2094 views | | 6 replies (last February 3, 2022) | Reply
Post ID: @OP+1f3hLc4P

6 replies (most recent on top)

Candidly, threahold/target/max percentages were never that meaningful. None of it is guaranteed regardless. A fixed amount of $ are allocated to bonus pools each year, and the percentages are essentially reverse-engineered. If the company unwisely decides to stiff good performers just because it’s now TVC, they will take their talents elsewhere.

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Post ID: @4fsv+1f3hLc4P

My money's on bonuses being sh---y next year after they slow voluntary attrition to a manageable trickle.

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Post ID: @3aka+1f3hLc4P

OP you have to settle down. Charlie came here and this place was on fire.

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Post ID: @1kxp+1f3hLc4P

people need to realize that 150 or 200k in NYC or CA is not the same as other parts of the country, say Des Moines. If salaries have area differentials then so should these rules.

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Post ID: @1bmz+1f3hLc4P

@1vkm
I thought wells over payed as well because I’m non tech in risk and was around 200k base. Seemed no one was paying that much unless it was a very very senior mgt position. Finally found a good role at a smaller company paying 300k+ bonus. They’re out there! I was so happy to leave after nearly 15 years. Are there problems with the new place? Sure. As bad as wells was? Nope.

I lost any faith in wells doing the right thing for it’s employees anymore. Also my latest manager at wells was a complete jerk so hurried my leaving.

Best of luck to all with comp- if you’re not happy keeping looking.

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Post ID: @1qds+1f3hLc4P

Bonuses going forward are based on your last year's figures and whether or not you're still in the same position you were in the prior year. But regardless, let's not kid ourselves, Wells Fargo pays way more for positions than other companies. Plus, no one has any sympathy for you if you're part of the 150k+ salary or 200k salary that didn't get increases (and I'm also part of that so this is coming from a place of reasonableness, not jealousy). Seriously, if you make that much here, chances are you can't make that much going to another company so while the healthcare may be increasing, 401k matching timing changing, etc. you still are likely better off financially here than at other organizations for what you do. Do not get me wrong, WF is terrible, but to complain about the compensation when you're highly paid is a bit crazy. If you complain about the culture, fine...........but the compensation for those of us at a certain level? No. Now, would you get paid less at another company but have a better culture? Likely - so there are trade-offs. No place is perfect........you either handle the toxic culture for the better compensation we offer or you get lower compensation elsewhere with less stress, better benefits, etc. You choose.

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Post ID: @1vkm+1f3hLc4P

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