Thread regarding Wells Fargo & Co. layoffs

This company is a disaster. Johnny Stumpf, Richie D Kovacevich, Allen Parker, and Timmy Sloan are rolling over in their graves

16 hours ago by Anonymous | 5 reactions (+4/-1)
Post ID: @1wct+17L1ZrnL

They're some of the primary reasons the company is disaster.

I guarantee bonus will be cut massively and they will use business performance at as the reason. But business is performing better than they are telling the analysts, they have absolutely pilled on the reserves even though the different LoB's have said we don;t need that much. Next year or 2022 the reserves will be released and Charlie will get a huge bonus for turning around the performance, but its all smoke and mirrors. WF is fiddling the books to manage performance and expenses, the fed should investigate!

@1kfn+17L1ZrnL I think it's either SORM or Auto. Can't remember, but it's the one with the teller as a Senior Engineering Manager.

Yawn. I am gonna stay in bed another hour, take a big dump, shower, shave, and prep for interviews. My commitment and loyalty has ended, they have none to us.

This company is a disaster. Johnny Stumpf, Richie D Kovacevich, Allen Parker, and Timmy Sloan are rolling over in their graves

Could someone note which business this was in, does it affect CIB?

They are adopting JPM policies...one after another. I worked at JPM for 10+ years in a relatively senior, high comp role. The 401k change is the same as JPM. No raises over $150k, is same as JPM, but limit May be higher at JPM. I won’t go into details here, but there’s a game they play with incentive comp to give the raises above that level. Only top performers get the raises, they aren’t frequent, but they are much larger.

There you go!!!!

We now know where is the offset for not moving forward with the 401k Match cancelation. We keep the 6% Match but they take away the 2-3 % raise.

Thanks Wells Fargo!

I am glad that I’m controlling the “denominator” so my rate per hour will likely increase.

I don't fall into the category of 150k+, but I also don't look at it as a win for me that someone else's compensation is limited. How immature and jealous. What do you think will happen when they realize they can't save enough money by cutting merit increases of those people? Who will they come after next? Grow up and realize the person making 150k+ is not your enemy, WF management is.

The poor get poorer

OK, as a person that has been stiffed by WFB now being the 3rd time...I don't feel sorry for people making over $100k. At Wachovia, I was at 50% market value for my job along with coworkers but then Wells took over and reevaluated us at 120% market value and was ready to cut our salaries but decided after reevaluation twice, decided to cap us. I spent years capped until I changed positions...then I moved to a less expensive area. HR then told my boss that I was coded as a field rep 2 when I should have been coded as a 3 which took me from a 75% market value to 95% market value. Hence, almost maxed pay again. Oh and then 2020, when they know they will make cuts, they decide to change the handbook for severance compensation example: it was 20 yrs=52 weeks but now it's only 40 weeks. anything over 26 now 52 weeks...no matter if you work 50 yrs at the bank. Gratitude...they have no clue that it is the lower level workers that bring in the bucks to keep this business going.

There are no raises no matter your salary if you are rated less than a meets. This was discussed on the same call. Your year end rating, risk overlay rating and current comp ratio will be reviewed to determine raises for those with base salary under 150k. If you are at 85% comp ratio, a “meets” on the risk overlay rating and “consistently exceeds” you will be eligible for nice raise around 10%. If you are at 120% of comp ratio and are a meets rating, no raise. These were similar ti the examples shown on the call. There will also be calibrations done to keep everyone in line with their peers.

Not sure if anybody realizes this but people in branches that make very little have not received merit increases for the past few years. One employee that has been with Wells for over 20 years actually had to fight for a 3 cent per hour increase and this person makes less that 60k/year.

During the collapse in 2008, in my LOB, they cut bonuses by 85%. I remember walking in to the building that morning and they were handing out free cookies. The next day, they announced bonuses were cut by 85%.

So, be careful if they send ya something free 😂!

@gwj no info on that for another few weeks - I think 11/18 is the date. We will all find out when they load in CP&D - the will be uploading the numbers for our convenience!

@mzc+17 can you share more of what you heard about what the tiered bonuses mean? Based on performance rating or slalart or both? Any examples or ranges? I’m considering just finding a new job but had been thinking of waiting for bonus payouts but if that’s being gutted too there’s probably no point in waiting it out.

Can you share anymore details? What will the merit increases look like for the rest of us?

@lan they had tiered bonus payouts mentioned.

Wow, seems like they’re really looking to drive attrition aren’t they? It was bad enough to get a 1% for exceeding performance and making those over $100k pay more for benefits so at the end of day we’ll be making even less due to paychecks eroding with col.

Any talk on bonus payout this year? I know you can’t rely on it, but not paying out the bonus is almost unprecedented. They even did it during the fraud scandal years.

@tkp, wouldn't that be lovely? I have a low salary and I don't get bonuses at the end of the year.
Right now, I am just grateful to have a job with income coming in. So many out there do not and I know that feeling all too well.

Unintended consequences be dam___.

Shouldn’t people all just be paid the same regardless of their role?

Do they plan on mentioning this to the general public any time soon?

$150k gets the same treatment as senior execs?

So much for paying for performance.

If you are in CA or NY that affects many people. That is really awful

This is a slap in the face. Not unexpected, I suppose, but man, they’re just piling on to the already humongous stack of reasons to leave. I’ve submitted a question asking why there aren’t four different “highly compensated” thresholds to be consistent with the four different salary ranges we have for every job. I doubt it’ll be addressed. Go ahead and officially move the HQ already, just one more big middle finger to SF employees.

This will be a tough one to garner sympathy from.

WF continues to chip away at benefits and comp for those left behind. I guess we just have to be happy, we still have jobs!

That excludes me then.