Wells Fargo has a lot of problems that I will not list since they have been mentioned here enough times. However, I do believe that people are exaggerating when they mention pay. No, we are not paid below the industry standard. I know, I worked at BofA before, and when I transferred here six years ago I got a 25 percent pay raise. Pay is the only thing that's still relatively good here. If we're going to (rightfully) bash the company, let's at least be honest about it.
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Put a pin in this. Major changes coming to bonuses next month. My manager made a passing reference then caught himself. Sounds like it will be effective for 1Q23 payout. I’m in Tech.
My manager was essentially griping about how every year end there’s always a surprise and this year is the bonus. He’s from BoA and only been here a little more than two years. He has always thought the bonus structure was too good to be true. He said BoA bonuses are nothing like ours, I never worked there but I believe him.
you are lying yourself if you say you are underpaid for the work you are doing. WFC has been paying above the average industry salary for at least 25% for the similar job. Considering how the employment size is inflated, you can count on 50% pay above average for the industry for $/per actual working hour. I know it is not your fault you do not do anything meaningful, but you can not call WFC underpays its employee. This is the only bright side working in WFC.
You don't need to argue. Look at the absolute one way move from BOA to WFC in Charlotte. Tell me if you see anybody moved to BOA from WFC.
You are worth what you are willing to accept. No such thing as under or overpaid. It's a matter of negotiating.
Wells Fargo is a good place to work, unless you get layed off.
As a licensed professional real estate appraiser with many years experience, I was sick to my stomach when I saw a job positing for a real estate appraiser trainee with no experience and my pay was at the low end of the hiring pay range. Abusive practice or I'm a punching bag. Take advantage of a protected class - age. It's what WF does best
Nice to see they're deleting relevant posts.
Hey everyone, ignore all those higher salaries you see on job postings elsewhere, this guy has determined they're not real and that Wells Fargo is truly generous based on his one example half a decade ago.
My pay was good several years ago. I'm now underpaid after years of 0%-2% annual increases.
After 16 years at Wells I start my new job next week. 11 years in my current role. 11 years of 2% raises. Couple years of "exceeds", rest "meets". Always assumed I was underpaid so after the past 2 years of re-orgs, revolving executives and bull$hit I finally looked outside. One month and two interviews later I got a 25K raise at the new company. They even gave me 5 weeks PTO starting. A matching counter-offer from Wells was denied at the executive level. Wells didn't want to pay me market rates and keep 16 years of subject matter expertise. Don't worry, I'm certain they will replace me with a new person from India like they've been doing with my peers that have left over the past year.
We pay up to 15% over what used to be the midpoint for external hires. 10% under or up to midpoint for internal promotions.
This is too subjective based on location, role and tenure. If you've been here a long time, there's a good chance you are underpaid. If you're a "meets" for 10 years, you're looking at ~2% raise annually. That does not keep up with inflation, especially in 2022. I've found Glassdoor to be pretty accurate for my location. There's a reason we all say "if you want a decent raise, leave the company and come back".
If you’ve been in the same role for a while, or even have been internally promoted a few times, you probably are underpaid, but that’s compared to both recent hires at Wells as well as those at other companies. Salary growth for external hires tends to grow faster than internal pay raises, for myriad reasons. To avoid becoming underpaid, most people need to hop banks every few years, that’s true everywhere though, not just here.
Today’s riddle: I am overpaid and underperforming. Who am I?
I make quite a bit more than my last company which actually admitted paying low (insurance/financial company).
I dunno, I just moved to a Fintech with better insurance, comparable PTO, and making 10k more.
Sure beats a 2% MPP increase.
Jumping from one low paying job to a less low paying job does not make you well paid. I left and got a near 40% comp bump. I’m not unique.
OP - You say “we”. You can only truthfully speak to yourself, right?? If you do want to be honest - you don’t really know what other employees are making, what increases they are/are not getting, and how that compares to what they could make elsewhere. The person sitting next to you could be making 25% more with fewer skills because they negotiated a higher starting salary, or because they are a man vs a woman, or they suck up to the boss more….you don’t really know, do you.
Wells Fargo states they are competitive, but that is only because they are comparing salary “ranges” rather than actual pay. Let’s ask HR to publicize what % of employees are being paid near the upper end of their salary range.
I’m glad you are happy with your pay, but please don’t give WFC credit they don’t deserve when you can’t possibly have all the facts.
PS I’ll bet you could go back to BOA now for yet another nice pay increase. That’s how you’ll continue to bump up your salary range - you’re not going to see those increases by staying here.
Where I live Citi, Chase and USAA are picking off our people for significantly more money. I just lost someone for a WFH at Citi for 40k more than she was making. She was already the highest paid member on my team. While Charlie gets his 20% raise, I get a 2-5% budget for my whole team, no way I could even come close to her offer. Meanwhile, we are not offering WFH, except in hub city’s and no relo. This limits our talent to stroke his ego. Meanwhile, he sits in his penthouse after not having to move to one of our headquarters. He is destroying us from the inside. I’m counting the days at this point.
Hmph. They low balled me on their offer.
Let's be honest that many of us have received huge increases in compensation when leaving Wells Fargo and upon shopping for new jobs, have found the Wells Fargo benefits to be average at best. Competitors have better PTO and health benefits if you look around.
Wells Fargo’s pay is highly competitive, and the benefits and vacation better than average.