Thread regarding Wells Fargo & Co. layoffs

There’s a balance. I worked at WF for 14 years and recently left. Loyalty has a place, but you also have to know that no company is going to look out for you as #1. I’m teaching my kids that they own their life’s path (as much as possible), so they need to look hard at all factors and make the decisions they think are best.

Be loyal & true to yourself only Work hard with honesty integrity and it will payoff no matter where you work. I worked for Wells for many years. I had a great career. Yes a career, not just a job.I worked hard, long hours showed up on time worked my way up. I’m a millionaire now, enjoying my life. anything is possible, The loyalty is to yourself and managing your own career.No one is looking out for you. Wells is a different company now than what it used to be. Good luck.

Depends on the company. If you're working just for money, loyalty doesn't matter. If you like the company's mission and values then you should be fiercely loyal. Since you brought up children, I will instill I'm them that they should choose the company they work for wisely, and if nothing is available to start their own business (I will be their banker).

Your parents must be in the boomer generation when that was true- hard work and Loyalty did pay off and majority worked for companies that offered pensions. Now, there is no incentive to be “loyal” to a company and it’s actually the opposite, they’ll pay you more if you leave and come back! I was making 100k at wells, left and came back and made 150k; and that was within a year. Look out for yourself, do quality work and don’t sc--w over colleagues, you never know which will be in a position to help you (or hire you) in the future.

If you are loyal to any company you will eventually learn a very hard lesson. And you'll learn it the hard way...

No Wells doesn’t value loyality.

Is there a max increase you can receive for internal move? I used to hear 10% max, but not sure if that is still used?

Not really. The best way to make a lot of money at Wells (in most jobs) is to jump to another bank and then come back.

You won’t get the raises you deserve unless you jump ship.

I know people in Ops positions who have mastered this. WFC -> BAC -> WFC is the move in Charlotte.

In a word, NO. The days of pensions and gold watches ended in the 60’s. You owe nothing to anyone other than to your family and to yourself. Consider yourself nothing more than a tool on the workbench, It’s used when needed and ignored when not.

Yes and no. Back when it was Norwest, things were good and I WAS a company wh-re. The worm turned when wells fargo got involved and things gradually deteriorated. Now there is no return on being a loyal company man.

I'm on cusp of Gen X/Boomer. Rug pulled out from under us in so many ways. Pension removed, not enough awareness/time to start early w/401K to try to make up difference. Hit hard by housing crisis.

Every generation has its challenges, but one thing is clear...

We are ALL mercenaries (e.g., at-will states ring a bell?)

The key is to learn to act like a mercenary. Companies aren't loyal and neither are mercenaries. Take care of yourself.

As my dad used to say, "Never care about something that doesn't care about you."

So true

If loyalty mattered, we'd all have pensions.

Worked here for over two decades, loyalty has never paid off, although this year bucked the trend. Nothing more than an anomaly.

If loyalty mattered, we'd all have pensions.

That kind of thinking is old school. Be loyal to yourself, stay on the lookout for better opportunities, keep your ear to the ground, and always have a plan B is the way to make it in this day and age.

Oh he-l no. Company loyalty is ALWAYS a one way street. You might want to fake it for a while, and many do. That in itself is a skill. But never, ever expect it to be reciprocated. That’s just stupid.

I am one of the "boomers" mentioned and was with a company for 25 years and truly felt I would retire from that company. They brought in a new CEO in 2001 whose bonus would be based on cost savings. He laid off 80% of the senior staff as we were among the higher paid and would equate to a cost savings. Because of my "loyalty", I was made a target. I see the same thing in today's environment. I would recommend that you live for the day, make what you can, but DO NOT assume loyalty means anything any more.

I think it depends on the employer. Smaller startups and private sector, yes there is likely a benefit of being loyal for both the employer and employee. Larger corporations, not a chance...you're nothing more than a profit:expense ratio to them.

OP - decades ago, that might have been better advice than it is today.

The only honest advice today is to always be on the lookout for numero uno.

Always.

Nope. Especially not WF. You are just a number and if you think anything else, you're kidding yourself.

Laugh Out Loud!

No

Maybe back when pensions were a thing. They are not loyal to us so…. No.

Must be a joke post.

Nope. Do not be loyal to anyone anymore, ask for money upfront.

You're kidding, right? Loyalty hasn't been rewarded for decades.

it does not work this way any more - #gold reasoning of the baby boomer generation, worked out for them but they dismantled the concept of loyalty in the 1990s when mass layoffs started. i think #GE was the first one to sc--w tens of thousands of workers, massive layoffs etc. also, everyone had pensions through 1990s and they changed that with #401k plans which made sure the investment banks and wealth management firms (e.g., fidelity) get incredibly wealthy but the worker goes to retire with $90K in the 401K. meanwhile, fideility would pocket a ton of $$$ on that same individual through #highfees, etc.

Does being loyal to the company pay off?
My parents have drilled this into my DNA - be loyal to your company, do the best work possible and things will work out well for you and your career.
What do you think?
Do you try to instill the same values into your own children?

Oh he-l no! I tell my children to do what will make them happy. Loyalty to companies and jobs is dead.