Thread regarding Wells Fargo & Co. layoffs

Get out while you can!! 26 years wasted.

Exact same post on the BNY thread. Word for word. Just changed it from 15 years to 10 years there. Comical.

@c7 yes that’s been my biggest complaint. I’ve been at WF 15 yrs and have tried to move up through the years only to find someone with zero financial experience been here going on 3 yrs making what I’m making.

@d9 WF is the first place I’ve ever worked that didn’t give an inflation raise (minimum 3% annually) along with a merit increase.

@d9 you're right, it didn't hit 8%, more like 15%

@d9 is there ever a post you don't get a sore backside over?

@a6 "Don't make excuses for them not paying us what they should be." NO employer is required to give you any kind of increase to keep up with inflation. Otherwise WF's remuneration would be an "inflation increase" and not a "merit increase".

Please demonstrate for the class (outside of a TIKTOK link) where the US inflation hit 8%? News Flash : It doesn't exist. But you clearly don't care about facts.

You ate a lot of paste as a child didn't you? Maybe it was paint chips.

The entitlement of people who think that just because they exist they should be showered in riches is laughable.

This proves the point mentioned earlier that the target is age, not salary, in the layoff targets. At the IC level, they are generally being paid less than the 2+/- crowd.

Merit raises generally don’t keep up with inflation. Never have.

And as somebody mentioned, historically you have to move around to get decent size bumps in pay. And one thing that does su-k is new hires brought in at higher levels and salary and many of us who have been around have to tolerate these people that often don’t know sh@t or aren’t fully competent.

The reality is if you have been in the same role for 5 years or longer, you are behind market pay. WF HR has policies to intentionally restrict increases for promotions and if it is deemed lateral, you get NO pay increase until the next annual review rolls around. And we all know that during annual review you'll be lucky to get a 2-3% increase. So, loyalty does not pay if growing your income is a goal. You need to leave to get a decent salary bump. External hires joining WF are getting market competitive pay.

Jokes on them, I don't care about promotions or making more money. Already did both during my career. Now it's just a matter of working hard until my severance comes in. Then I'll be getting paid for retiring.

I think what is missing here is the acceptance that Wells Fargo is concerned about profits not employee salary satisfaction. If you stay with the company and you don’t promote yourself by applying and getting accepted for new roles than you are doing yourself a disservice. You may not want to hear this but sitting in your role working hard is really not going to demand the company give you increases. They wont. You need to make that happen for yourself. Move companies and you will get a 10 to 20 percent raise jsut to keep up with market. You will not keep up with market if you stay in your role or the same company. Most wont anyway.

@a2 bonuses aren’t intended to fend off COLA. The 3% range and less is typical as we hover around midpoint. A couple things we, as employees, can do is either gear up and move along, or allow complacent attitudes to take over - and adjust our own living expenses.
And for the politically-minded… don’t count on the government to bale you out of riding costs.

@a5 that doesn't help. Inflation is 8%+. Don't make excuses for them not paying us what they should be.

@a2 actually most years the merit pool has been at least 3%. Just a year or two ago, I remember it was 3.8%. So if you've only been getting 2% raises, I don't know what to tell you

15 years? Maybe you aren't advocating enough for yourself? Same role and just taking 2% raises? Need to make some changes and they don't happen by sitting in the same seat.

In 15 years at Wells my pay has almost quadrupled.

Nope. The difference went to billions in stock buy backs to fund Charlie Scharff's 30 million in compensation. A reward for sending your job to India.

Do you feel appreciated?

The fed aims for 2%, WF has constantly tried to come in with raises under that amount. Sure, if you're in a bonus-eligible position and get the max, it kind of counts as a well-above-inflation raise, but considering execs get bonuses in the 3-figure % range, it is obvious that WF absolutely hates their own workers.