Thread regarding Wells Fargo & Co. layoffs

Managers say that they have to have some IM. That seems incredibly unfair if they are going to be reducing pay by a material amount. How many people that got a decent “meets” at mid year were planning that they pay will be cut by 20% because of a IM that managers have to give. It is pretty sick and darn right creepy. Someone elsewhere on this forum called it hunger games. Honestly the shoe fits. I am glad that i only have a couple years left of this BS.

OP. You wont know for sure until you get the numbers from your manager. I also know someone that got a IM for RTO metrics. I may not know how much but if it is a material difference from last year they will be clearly very upset.

It is very dependent upon your manager. Raise is highly unlikely - but bonus is totally manager dependent - if your manager likes you, but is getting pressure to remove you from the org., they do have latitude with your bonus. I was one of those few lucky ones. But just the same, prepare to be unemployed as it is likely in your near future - pushback is no longer tolerated in WF.

@bf
nobodys comp info comes out until jan 26th (in the US; overseas is a different schedule).

My group hasn't gotten comp information given...think its by the 30th of January the will tell us...

@b2 I did not spread fake information. I said “at least” and “likely more”. You can read all of this on Teamworks yourselves.
Sorry your bonus was hit that hard, man!

@ae not true bro, my bonus was slashed to a ridiculous amount. Last year I got 30k bonus, this year I got only 5k. Tell me how many percent of reduction? Stop spreading fake information.

No raise but yes, most still get a bonus, although reduced.

@af not considered retaliation if it's for protesting workload... which is what OP says happened.

no raise. guidance is bonus reduced by at least 20% from prior year, up to 50% reduction

You’ve been retaliated against. When you leave, go to regulators about the compliance concerns.

IM and NI- any raise is “out of guidance”. Bonus is slashed by, at least, 10% of previous year amount, likely more. If a manager wants to give you a raise with an IM/NI, they have to battle it out during calibration and secure approvals on the exception. Very few managers would do that, especially if the reason you are rated low is to give the money to a “higher performer”. The budget is the budget.

@a5 uhhh minus? Okaaay

I think raise would be minor. Like COL. bonus 75-80% of what you got prior years

IM generally means -5% to 0% raise (yes, minus they cut base) and a bonus -20% to -10% vs last year. You could get a bonus, although 80% of last years (seen it). You might get no bonus (seen that too).

Kinda the same everywhere though so be careful what you wish for. Historically Wells is bloated compared to other banks.

What a silly question. 0 raise. 0 to 2% bonus. Fired or laid off within 2 months.

Dude...this is how Wells does it. I have heard 0 to 2% raise vs 2/4%. Bonus as high as 80% of normal to 0%. Its hard to guess in this atmosphere..