Thread regarding Wells Fargo & Co. layoffs

@4xtl+1iDPUwoj

Zimbabwe/Weimar Republic says what? That's where we are headed if we don't stop printing money and compensating people in a way that is detached from the value of their labor. I admit it'd be cool to see who's going to go on the $100 Trillion Dollar Bill, but rampant inflation destroys lives and causes massive economic chaos. How is that good for workers again? Ask any working poor person that lived through a hyperinflation event if they thought it was a great time. Spoiler alert, it isn't.

Also, we haven't been capitalist in the US since the income tax came along. Every negative impact you're seeing that you hate is the result of socialism slowly taking over our economy.

@2ugp. Spoken like a true American capitalist greedy type.

Meanwhile real American workers cannot afford decent health care, housing and higher education because of your ilk.

Find a way to create more value . Unfortunately, it doesn’t look like that will happen in your current role.

I’m sorry about your negative experience. Mine has been different—I was stagnant and frustrated at another firm, came here twelve years ago, and have found advancement, fulfillment, and excellent pay. If it’s not working out for you here, I would recommend exploring openings at other companies while the job market is still relatively strong.

I believe the WF annual cost-of-living increase is only 2%.Before the Wachovia merger, WF paid out excellent salary increases and excellent bonuses. Can’t speak for anyone else.Since then, I haven’t received anything.Though, with the exception of being shuffled from one lethargic manager to another.

Only way I've got more money was switching jobs - was VERY underpaid - 1st job switch got a 16% bump - 2 years later switched and got a 11% bump. Been with Wells for 3 years and have have a total increase of 4% total over those years. Bottom line if you not well connected or on the fast track - you need to move firms for the big bumps...

I actually don’t have a spending problem. I am as frugal as they come, but thank you for the assumptions. So helpful!

@1njo+1iDPUwoj

This guy gets it, and the truth hurts. Remember when people demanded $15 for burger flippers? Yeah, me too. Milk was like $1.60/gallon. But good news, the burger flippers got $15. Living wages, finally! Yeah, not so much. Now milk is $4/gallon. Funny how that works. But hey, just print more money, that'll fix it! Someday soon we'll all be making $100/hr, and we won't even be able to afford groceries.

Seriously? Find a higher paying job or move to a more affordable city.

Every wage is a living wage. You don't have a earning problem you have a spending problem. If you don't like your pay then gather more valuable skills and be worth more. Complaining about not making enough and then not bettering yourself to earn more is folly

OP: you don’t have to justify your comments. Let’s get real, Wells Fargo will pay as little as possible as long as they can; they’ve been doing so long before the scandals and the asset cap. I lost several excellent performers bc HR and management wouldn’t even allow a small salary bump to retain good talent. Sorry you’re working a side hustle to make ends meet. It’s not okay.

Staying 5 years in one position is too long. After 7 years in the same role, I went from 120k to 130k. Friends in their role for 10+ years are around the midpoint. In the last 10 years, I had 4 different or promotional jobs and now I "only" make 2x my starting salary as a Sr. role. They will always pay higher for an external candidate over an internal candidate. You have to move jobs for the bump. Staying so long in one position with max 2% bonus was my mistake.

@1wkw+1iDPUwoj Kind of ironic, huh? Employees quiet quitting to wait out a severance and customers too lazy to move accounts.

Sounds like WF workers and customers are on the same page!

Let’s just face it. There isn’t much upside until the asset cap is removed. The bank is in a holding pattern.Continually servicing clients who haven’t left.Executive management is currently cheerleading and shaking their p-m-poms, to no avail.Morale is still down.We have two choices. Wait it out where we are or bail.

You work for a bank with an asset growth cap. It's hard to grow revenue when you can add a lot of interest earning assets to the balance sheet bc of the asset cap. That means they cut expenses to get bottom line and give out sh---y raises. Move on, Wells Fargo sucks!

You need to move up in the company. Talk to your boss.

You're doing something wrong. Every 5 years my income goes up by my starting wage $25,000... in the late 1990s.

This is with making a career move about every 5 years on average. That allows me to get enough time to get promoted to a senior role then make the next jump within 18 months.

I'm not sure I'll be able to continue this though as I have hit a point in WF that I'd need to jump to the management track to go further as lead roles are just not handed out much by internal promotion.

I too am over 5x the first salary that WF paid me, but I started in an absolute entry-level job and have since rounded out my skillset to move up. It took a long time and I wasn't always paid what I was worth.

Even now I'm constantly considering additional income streams. Every one of my peers is only ahead of me if they've married and have dual incomes.

You pretty much have to apply for new jobs to very a pay increase.

Agree with some of the other posts. After several years with the company, my annual take home is now 5X what it was when I first started. I busted my rear every year, Then the Wachovia merger occurred. Sales scandals began occurring. Now I’m just playing the waiting game. Quietly being fired, so now quietly quitting at the same time. Two can play this game. WF is just a place to park until you can figure out what you really want to do.If you’re passionate 5 to 9 workaholic machine, then perhaps a start up might be your best choice. Make us much money as you can, as life is not getting cheaper. I know.

I don't know how things are now, but for my 15th anniversary, my manager had a small amount that she could work with to show recognition. My choices were a lunch with my manager or pizza delivered for the team. I chose lunch with my manager to get away from the office and some of my annoying teammates.

As for pay increases, that's pretty standard. If you want a big increase, you usually have to change jobs.

Yes, time to move to another company. You have valuable experience that someone will pay you for. WF never will.

OP here: I have actually slightly more than tripled my salary since I started here as an entry level peon. It’s not a lack of hard work, believe it or not. I had a consistently exceeds rating and have won multiple sales and service awards over the years (the awards they used to take you on trips for). I’ve switched jobs after being sought out and to gain raises.. 3 times in the last four years like clock work trying to get a head. I think a raise of more than 1-2% or some actual recognition for anniversaries is not asking for much.

I've nearly tripled my take home in the last ten years. You need to stop thinking that the company is going to take care of and reward you. you need to be proactive, educate yourself, move around, self promote.

Time to move to another company