I see some of you saying that WFC pays well and I know for a fact that I'm significantly underpaid. Is that a new thing? I started three years ago, so while I'm not new, I haven't been here long enough to know things like that either. There's nothing I can do about it if it's true, I know that. I am just curious.
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The longer you stay in your position the further behind you will get in terms of market rate. If you want to stay at market rate, you have to move into a higher role every 3 years or so - good luck with that.
They pay market rate when you're initially hired then imprison you with sub-inflation level raises going forward. The only way to keep up is to company-hop every 3 years, get promoted every 2 years (even then you'll fall behind), or combine the 2.
I was forced to work off the books for years l could not prevent my mother's tragic death. The earlier scandals have not yet been investigate.
If you accepted the job, you are being paid at market value. Q.E.D.
WF pays much better than my last employer. An investment adviser at an insurance company.
Compared to BOA, yes.
100% of employees believe they are underpaid. From mail room guy all the way up to Shart.
This is in reference to @mud+1oEfkp6Q 's post. I put it in Bard so that I could understand what MRP meant. Thought others might be interested:
In the context of the post you provided, MRP stands for Market Reference Point. It is a term used to describe the salary or compensation range that is considered to be fair and competitive for a particular position or industry.
The post is saying that in the past, once an employee reached 85% of their MRP, they were considered to be too expensive for their job and were more likely to be promoted. This is because employers typically want to pay their employees as little as possible, while still ensuring that they are able to attract and retain qualified workers.
The post also says that if an employee made 80% of their MRP, they were considered to be paid at market value. This means that their salary was in line with what other people in similar positions were being paid.
It is important to note that MRP can vary depending on a number of factors, such as the company's size, location, industry, and the employee's experience and skills. Therefore, it is important to do your research to determine what MRP is for your particular position and industry.
Here is an example of how MRP might be used in a job posting:
Software Engineer
MRP: $100,000 - $120,000
Qualifications:
Bachelor's degree in computer science or a related field
3+ years of experience developing software applications
Experience with Java, Python, and/or C++
Responsibilities:
Design, develop, and test software applications
Work with other engineers to build and maintain scalable and reliable systems
Participate in the software development lifecycle, from requirements gathering to deployment
In this example, the MRP for the Software Engineer position is $100,000 - $120,000. This means that the employer is willing to pay between $100,000 and $120,000 per year for a qualified candidate.
It is also important to note that MRP is just a guideline. Employers may be willing to pay more or less for a candidate, depending on their experience, skills, and other factors.
I was a customer for 10 years, then my debit card was hacked online. I called WF bank to cancel my card. Banker declined reassuring me their system was designed to deny any suspicious charges on my debit card. The next day there were 974 fraudulent charges on my checking account ranging from $1.00 to $19.00 each totaling $5,500. Wells Fargo did everything they could to delay & avoid paying me back. After 2 1/2 months & me filing 2 claims against them with the Consumer Financial Protection Beaurea they finally did. During that time I withdrew all my money from WF & put it in a different bank. WFC are corrupt crooks & I would advise anyone & everyone to never bank with them.
Discrimination is rampant at wells fargo. I know for a fact a few colleagues that are minorities and are getting paid significantly less than their white counterparts.
I am pretty sure if you are white male, you are getting paid market rate.
They it way to get something significant is to move roles and maybe even companies. It's tough to get there just via promotions in place. This is common for corporate America unfortunately. The companies have created this monster.
If you are talented and you produce, wells will pay you market rate. Maybe you need upgrade your credentials or work harder.
I was overpaid for my particular role v. market. I wasn't complaining, but it did make WF a velvet coffin. I couldn't afford to leave for a better, more interesting role outside. Eventually, I found an employer that could slightly exceed the WF pay and I left.
Tech pay s..cks. If you are over 11 years of service have transferred positions then maybe its ok. After the scandal tech pay suffered. I also noticed that most of the mid-managers moved. The disparity is incredible. After being laid off met someone who worked with me and also laid off. He is just over 60 years old, was there to retire. He was underpaid 35%. He told me he was successful at "quietly quitting" got 8 months severance. Now he says he wished he looked for a better job. Fortunately, he had some side gigs going on. But salaries at the bank are all over the map. The only way to get ahead is to transfer to other positions, or get out of the bank.
Like @hvz said, it depends on different factors but people that say that may be an advisor, risk/compliance/legal, or tech. Some procedure writers make 86k while some make 50k. It’s all dependent on your LOB then all the other stuff mentioned, e.g., location, time in position.
The best thing you can do is apply for something else (internal or external) get a job offer and leverage it to get a bump. Given today’s environment, it may not matter but it has in the past. If you can’t get more money, try for an extra day at home.
Started a long time ago, it was well-known then that once you got to 85% of MRP that's when you started becoming promotion material because you were "too expensive" for the job. If you made 80% of the listed MRP you were considered paid at market value. Fu---n' cheapskates.
I’m paid at least 20k less than the rest of my team for being the sme. Great place to work.
Tech pay is good. Not sure about business lines.
It depends. I have someone on my team paid more than I am, and I’m their manager. And, I have more experience than them. The salaries appear to be all over the map. I deduced it depends on who hired you, geography, the team budget, the job market when you were hired, and your starting position. There’s no standard formula that I can see.
They never have. They just claimed they did.