Is there a target % bonus by pay grade anymore or just what the useless class feel like?
Also how much is RTO actually enforced?
Applying for a few jobs and would appreciate the insight …believe it or not I work for an even shittier bank
12 replies (most recent on top)
RTO isn't being enforced in my group.
Bonus targets? No info there. In recent years the 'leadership' has always moved the goalposts at the end of the year anyways. Whatever the goals are at the beginning of the year, people have learned to ignore them because they'll just be changed in Q4 anyways.
3 days per week in the office is strictly enforced in my area; however, if there is a holiday or you take a day of PTO, for example, that counts as an 'in office' day; so for Labor Day week, I only have to go in 2 days of the 4.
The annual 401k match is the worst! (But I do know of other banks that do the same thing). If you aren't employed by WF at the end of the year (or maybe Dec 15?) you don't get any of the matching funds for that ENTIRE YEAR! You aren't eligible for the match until 1 year of service.
16 weeks parental leave is great if that's your stage of life, and you get 18 days PTO out of the gate (pro-rated for when you get hired).
The incessant DE&I stuff is getting tiresome although I expect that is everywhere now. If they could just stop already! I couldn't care less what your pronouns are and who or what you spend time in your bedroom with! Can you show up to work, present yourself a little bit professionally and do your job?
401K Empower is a joke. All holdings but one are down severely. If you weren’t in cash, you’ve lost a lot of money. Don’t do the 401(k). Waste of money.The company match is not worth what you’ll lose with the horrible products offered in the 401(k) system.
I can’t imagine an “even shittier bank” and you are tempting fate mightily to find out.
Bonus targets are gone as other posters mention. This is good if you get on a high value project and do well, neutral if you are on BAU work and do well and bad if you are on work there is no value in or are doing poorly on anything you work on.
There are MANY other things to consider. I left 4 months ago and I’ll give you a list of what’s objectively bad about the comp package.
Bonus: the cash portion tops out and converts to RSUs that vest over FOUR YEARS. For 2022 payout that top cash line was $50k and my boss told me it’s likely to go LOWER over time.
401k match: only matched ANNUALLY at the end of December. There is also a minimum tenure to get the match which I honestly forget, maybe someone still at WF can add.
401k match: not in cash but in stock shares.
PTO: generous, when you add in the personal days (2) and company holidays (10). The only downside is PTO is for sick and vacation combined. Not so generous when you consider that, even if you don’t generally get sick.
Performance ratings: typical bell curve, you can find lots of posts on this. Applied TWICE a year - midyears do not come with $$$ but they have an effect on year end. Also typical “ring of he-l” process. First you’re compared against those in your title within your team, then department, then division, then functional group and finally across the company. Your achievements can get very watered down in this process and your manager loses all control, assuming they would fight for you, once it gets to the division layer.
Work hours: depends on where you are but in IT, where I left, it’s brutal. 70 hour weeks are the norm and expected. Think you’ll do your 9-5? Sure, but don’t expect to be here long.
That’s all that comes to mind but I’m sure others can add. I really would reconsider because one of the things that makes a place sh---y is the people and if there’s one thing you can count on is sh---y people moving from bank to bank.
Strange times we live in. Last year I got the biggest bonus of my whole career at WF. What’s even stranger, is that I didn’t do hardly anything due to lethargic management reorgs. Though, it appears if you’re in the right department at WF, you can pretty much collect excellent pay, great bonuses and hardly do any work.
Everyone knows the best way to get a bigger bonus is to become your Manager's BFF. Make that part of your development plan and you will be just fine.
Pro tip: BFFing is also helpful in getting an "exceeds" rating.
I just got a promotion, and was given a $ value for target bonus, rather than a percentage. If you take the % that bonus amount is of my base salary, it’s about a half point lower than what I knew the target % to be for the same role under the old HR system. The target bonus is just a hypothetical guideline though, like someone else said, they can basically pay you whatever they feel like out of their bonus pool for that year, so long as they can justify it to the people above them. I imagine if a manager has a broad range of salaries/target bonuses among their direct reports, those who make toward the lower end are more likely to get above their target than those at the higher end, all other performance related variables held equal. Giving someone who makes 80k base with a 10% target bonus an extra 2% costs a lot less in real dollar value than giving someone with 130k base and 20% target that extra 2%.
They told me eligible for 20% last year, then they gave me 18%. I asked why they are giving the full 20, and my robotic manager said “they’re just doing that across the board.”
A pathetic answer as usual. I left 6 months ago; instant 38% pay increase. I wish I could say something nice about Wells Fargo, but it just veered off so greatly from the place where I started.
We were told your bonus could increase. So 100% we will be getting less. Unless you're an executive, then 2x.
RTO enforced but only one day for Tech. No bonus percentage it is Total Value Comp. Manager discretion.
It doesn’t matter if you think you’re currently with a worse bank, because you are sorely mistaken.
RUN!! And good luck in your search.
they will probably tell you a target % but in reality they can now choose to give whatever they feel like out of the total allocated pool for each department or AU# to any of their employees.