Problem cited: employee retention and very low morale.
Option vest / salary increase only to those who meet expectations
Probably announced later this month
40 replies (most recent on top)
The Sloan shares were restricted share rights. Not a stock option, very different things. You have to pay money out of your pocket to exercise stock options and buy them at the option price, and would only make a profit if the stock is trading higher than the option price. They could set the option price at $60 or something making them completely worthless, citing some bs about people being committed to the company’s long term growth hoping it goes back up to $60 in the future.
Poster must be first year of working in the real world. Put down the peace puff and deal with reality.
No way this happens. 3B+ in fines. Fin, Tech, et. all laying off. Put down the pipe.
I doubt it's in the merit pool. That's all been solidified at 3.8%. I'm highly suspect this would happen though. This would cost billions and history isn't in our favor. It would definitely be welcomed though.
I can tell you it’s not part of merit as the merit pool at least in my group wasn’t 5%.
I'm seeing a lot of this talk that makes it sound as though you are certain this is happening. You're not alone it appears, so I'm not calling you out individually. The question everyone keeps asking and no one is responding to (and based on the level of certainty, I would think this would be a known item) is:
"The 5% everyone is talking about here, is this on top of our merit (1-3%) or is everyone getting 5% and that's it?"
Scenario 1: 5% raise only
Scenario 2: 5% + 1-3% Merit raise
@ebr+1kLm6LFN, You're cute when you're gullible.
Bei Ling fought for and won 5% merit budget
I make top of the income bracket for my job family in technology - they can replace me, maybe, but they'd need to hire about 20 people to do it.
This atonement is the least this corporation can do.
How many scandals are we up to now?
Im sick of having to go to family functions or meeting with my friends and lying that I dont work for this POS company anymore.
That indian dood pi$$ing on that woman really did it for me tho - jfc. How bottom of the barrel are they scraping to get cheap labor?
I've been approached by the silicone six a few times - maybe next time I wont say no.
@duz+1kLm6LFN AG Edwards?
@tox+1kLm6LFN It was 50 shares and 2 years.
Wells Fargo stock options = Fool’s Gold.
Don’t fall for it.
For me, it is not a money thing. I am not motivated by making a little money in short term if I do not have a sense on what my future career looks like at Wells. Instead, tell me the strategy for getting out of consent orders. Show me the plans for technology and risk. Inform me the plans for how Wells will complete with our peers. Then we can talk about how I fit into this organization.
I am not the only one who feels this way. Many people want to work in a company with a culture that offers us opportunities and growth. We need to believe we are valued because they’re a path from our hard work to the vision for the future.
Many of us have options bigger that a few thousand dollars.
I would be happy to see that. I realize that 5 percent is well below inflation, but I am expecting the Wells Fargo 2 - 3 percent next week. Probably won't be using the options though, as WF stock is on a downward spiral.
Plus, WTH, an option is the option to buy it yourself at a set price, not an award of stock. If it's half price sure but it'll probably be like a 50 cent discount. I'm halfway into my 3 year vesting and am hoping to stick it out for the remaining year and a half, though. Otherwise, not worth staying for in this market.
Not that I believe 5% retention increases across the board will ever happen here, but if you want people to stay, give benefits not cash. For example, increase PTO. Most companies will match pay or give signon bonuses, but benefits like more PTO are harder to match.
anyone knows if 5% going to be aside from the merit next week?
The 5% was reluctantly approved by the board but lob leadership had the authority to not give the full 5%. Most told their directs to only give a max of 3%. Do not expect to see 5% unless you are an executive.
Options or Grants....?
Options would be seen as very transparent, and not worth sticking around for. A large number of Grants might sway some people. A small number of Grants won't change anyone's mind.
Would you really call this pennies though?
The biggest kick in the nuts would be if they would only give raises to those under $75k or something. I'm getting sick if that kind of cr-p.
Considering what this WF executive team has put us and investors through, this would be more mixed messaging. Why perform an act of pure desperation to retain talent while doing every other possible thing to run them off?
At this point, it is performance art that's trying to prove people will do anything for pennies.
Sold my stock from the Sloan giveaway last year because I got tired of having to claim the paltry dividends on income tax. I WAS able to declare a capital loss though.
@nuh I'll gladly take their handout. It doesn't mean I approve of their mismanagement.
I'd take it and I'd enjoy it. The rest of you will too, but we have to play negative Nancy and the world is ending
100 stock shares is not worth hanging around several years for. A new job with a raise could net that amount in one year.
The 50 “free” stock options from Tim Sloan were when the stock was trading in the $55 range. The stock has sucked ever since they vested. And if you’re of a certain age or older, WFC starts taxing you for it quarterly before you can even sell it.
It’s a lose lose proposition.
100 x 43.00 = $4300 approximate value at strike price.
After Charlie gets done burning the company to the ground and he and Kleber and Bill fill their bank accounts, lets say the stock goes to $24.00
In two years you won't have any value in those shares and you will have stayed for NOTHING. Don't fall for it, guys! QUIT!!!
I could see it happening, but WFC doesn’t give away anything of real value for free. If they are giving away stock options, that tells me they know this place isn’t going to be around in the next 2 to 4 years.
The same thing happened at my prior firm. The outgoing CEO was handing out stock options to “his favorites” . They were basically worthless in less than a year after Wachovia had acquired us and drove the stock in to the ground.
Remember the story of the Greeks leaving the “gift” of the Trojan hose at the gates of Troy.
Translation: Management expects you to eat sh-t for a few more pennies.
The stock price is a problem and I thought they wanted to run people off, not retain them.
I think Sloan shares were 2 years to vest.
Anyway, it’s mind blowing that the executive team does so many obvious things to F up employee morale (sometimes intentionally, by the way) and instead of admitting what isn’t working and righting their wrongs they are just going to throw money at the problem just to try to prevent the attrition that they’ve been causing.
if this is true I hope they wait until after comp cycle which ends of Feb 1. I have a couple employees I am promoting next week and would want any increase to be on top of new salary.
total BS. money never fixes morale now get back to work.
Where did this rumor originate?
Actually we did receive stock from Tim Sloan as an apology for f---ing up on the account debacle. I think it was 4 years to vest. I doubt this is true because that would assume that Charlie and Co care about what the loser employees think.
OP has lost his/her/its mind. 5% raise is unlikely. 2% to 3% is more likely. Options for 100 shares is fantasy. Besides, even if we got the options, they would probably vest over 3 to 5 years and would not be exercisable if you quit or were laid off.
Let's not kid ourselves, "free money" is always popular and would help morale at least temporarily. Not as much as ki----g RTO though, and that'd be free.
Would this be another 5 percent on top of what will be communicated next week?
Any ideas on vesting schedule?
Oh goodie - they love the peasants. I am disgusted and our stock is worth 35 cents so 100 shares will buy 2 dozen eggs that we can use to pelt Chuckles as his driver pulls up to the door.
I heard the same thing - not sure about timing
Executive team has destroyed US employee morale