Thread regarding Wells Fargo & Co. layoffs

Getting ready to make my exit - I received a 40% bump in salary to move externally which was enough to leave the match and bonus behind. Well that and the dysfunction’s daily toll on my mental health

I left my bonus and 401k match behind and let me tell you, it is worth it!

I am at a similar spot in home lending. My pay is at the top of the range, but since literally no one is hiring right now, I couldn't get anywhere close to what I make externally. Not feeling any motivation to apply for any higher roles internally knowing my current salary would still be close to midpoint and unlikely to receive any meaningful increase. I am not dissatisfied with my current salary or job, but it would still be nice to have options out there to think about.

With technology giving a $10k bonus for external referrals that are hired and the recruiters receiving a bonus for external hires, why would an internal hire be promoted? WF already owns you.

I concur with every reply above.

I’m stuck too and I’m in a hub. I’ve applied for a few jobs that I’m qualified for but they just sit there for months in the “in review “ stage. I thought I would stay with Wells but am now starting to look outside the bank.

I'm stuck too. At this point I've mostly tuned out, and am just waiting for retirement. Am financially ready today, but just hanging around for something to do. Not really doing any work, and not worried if they fire me. If they offered a voluntary severance, I'd take it, but I'm not going to walk out on a 6 figure paycheck.

I guess I'm not the only one who went through this. I was just given notice & I feel a sense of relief. The dread of each day is gone. I don't know what will happen but the chance to breath and relax is wonderful. I was upset at first. As anyone who is loyal should be. Soon I will get a PTO payout, a long severance and a chance to decide my next steps without the pressure of taking the first thing that comes along. I guess all the years of loyalty at least gave me this. Good luck out there.

I'm also stuck. I'm not in a hub city. My job title makes it sound like I do something completely different than what I do. I have tried apply for jobs elsewhere, but my job skills are in a specific area, and most companies combine that type of role with other skill sets I don't have, so I don't meet qualifications for similar roles. On the bright side, my manager is great, and I like the people I work with.

Keep looking. You will find a bank willing to pay. The smaller banks love talented people from big banks and are willing to pay. Yes - you will give up bonus but they can probably make you somewhat whole with a sign on. Stay until 12/15 to get your 401k match.

I came to the same conclusion at one point and stayed longer. Then they went too far with harsh review procedures and for the first and only time in 23 years, they gave me a below meets rating, so I quit. I have a better paying job and they gave me the same (actually better) leave with 401K where I rolled my WF money in. They match every pay period, not once a year. It’s well worth making your evening “job” to send out 1 resume a day. You WILL find something that matches your skill set.

Me too. I’m stuck because I’ve been shuffled around so many times that I’m on a team that doesn’t really have much to do with what I was hired to do. I’ll just keep coasting as I’ve been doing for years. Don’t mind the free money and the ability to WFH. Feels like this money grows on trees, but I have to keep reminding myself that it doesn’t.

@lkh+1jH1NRDn - I think there's a lot of us in that same boat. I'm stuck because I don't live in a hub city.

I feel stuck too. I used to take pride in my work. I knew what I was doing, and I did it well. With reorgs, my job has shifted so much, I don’t even know what I’m supposed to be doing. I can’t apply for a different position at the bank as I’m not in a hub city. And how do you apply for a job elsewhere when you can’t explain what you do currently? Sounds pathetic. I have to acknowledge that I understand the laundry list of goals and objectives written by HR, and they shift 6-7 times before we get to evaluation time. I would take a pay cut just to do something meaningful again. I think the chaos management has created here is intentional. Just all disheartening.

With various reorgs, opportunities to move up at WF have been severely curtailed. If that is your issue, move on but move to an organization with potential upward mobility. You might have to do a lateral to make the change.Meanwhile, it sounds like pay isn't the issue based upon what you have seen . Take some classes, make yourself more marketable or just learn something new.

If you are of a certain age, you are basically trapped wherever you are.

Corporate America wants cheap or offshore, which is basically the same thing. They don’t want to pay for talent.

No wonder we are being destroyed by other countries. They have multi year plans, we have one quarter, make the share price look good plans. They take care of employees, American companies see them as interchangeable drill bits.

So what I hear is that you are paid more than the market is willing to pay you? Doesn't sound that bad to me.

you are complaining because you're paid so much that nobody external will match it?

I liked legacy Wells Fargo, better than the Wachovia merger, Wells Fargo. My career stalled shortly thereafter the merger. No more token awards. No more promotions. No more merit increases. Lousy supervisors. Other team members are only interested in collecting the Biweekly paycheck and nothing more.
My list goes on. So, while I’m quietly being fired, I’m quietly quitting at the same time.
I’m now too old to be truly marketable.
Just coasting along, collecting the free money.
I’ll give you the same advice that was given to me on this board. Just keep coasting until you feel like doing something different.