WFB also just changed the salary continuation policy under the guise of having to make a change for regulators. I don't doubt this was needed but to reduce the longest salary continuation from 17 months down to 12 months is horrible.
I think they are trying to find ways to recover the money they had to dish out due to the scandal. This I go was posted in an internal news notice posted April 17, 2017. Titled "Amended salary continuation pay plan for u.s. based team members.
Two issues with the new severance policy. It was made retroactive back to January 1 2017. Several people let go prior to the policy change thought they were under a more generous plan only to have the new policy override. Comparing the previous policy with the new policy, the new one highly discriminates against older workers. If you've worked for 25+ years, he policy cuts severance from 16 months to 12 months. However, if you are a new employee with less that 3 years, your severance payout goes up. Management said the regulators required this change. But it's highly doubtful the regulators would be so prescriptive. The belief is management used the consent order as an easy excuse to decrease the payouts in advance of a large reduction in staff. But this is the new Wells Fargo where older workers are shunned for younger workers.
Yes, they "WF" are also just giving pass or fail for annual reviews and many employees have seen that this was a way to reduce bonuses to pay off the billions in regulatory fines and lawyers costs due to the account fraud scandal.
Nothing new here