Why the he-l is WF making such a big deal about today being the last day to accept the special award and making sure employees accept it. I don’t understand how all this works, but are employees helping to artificially inflate the company stock? I know few people not accepting it out of spite. I mean, 3 years to collect $2k…the argument is, just give me a $0.33 cent per hour increase for the next 3 years rather than making us wait for the full amount when there is a possibility of getting laid off anyway.
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I received stock from another financial firm that nearly failed during the financial crisis. It ended up being nearly worthless. Wells Fargo stock is like Confederate money. You have to wait 3 years for it to vest, which means employment at Wells Fargo must be continuous. Most of you will likely leave or be be fired before then. So, the award is a hollow gesture.
not accepting out of spite? stupid. Does not make one bit of difference to anyone other than the person refusing the award, who gets 3K less money.
"own worse enemy"
@a3 "What happens to it if you are laid off? Do you have to wait until it vests to get access?" As long as you accepted the terms, they will have to honor them. I was laid off after they awarded them but did not accept until after I was not considered an employee. So, most of those terms mean nothing as I was not an employee when I signed.
Now imagine, if the same rules apply to your bi-weekly pay. Each time you have agree to accept the pay or you forfeit. Very funny
@a6 no, legally they can't change the terms of the past awards as those had explicit terms when accepting those awards at that time.
Accepting the award increases the shares outstanding so in theory reduces the share price. Not sure what Opie’s going on about employees raising the value.
My understanding is it still vests after 3 years if you get laid off before that. You only lose it if you leave voluntarily before it vests.
I would think WFC would actually want as many people as possible to not accept? Whatever PR boost they expect would be the same, while costing them less. But maybe all the reminders are so nobody would have any grounds to claim in court that they were hoping people would miss out on it via technicality?
What percent of WF employees actually plan to be here in 3 years? 25k employees have been laid off in 18 months and it doesnt seem to be slowing down.
Not everything is a conspiracy. No wonder this country is in such a mess.
@a7 that seems like a slimy move. Basta$ds
accepting does appear to change the t&c's for the most recent years awards with the additional claw backs based on required notice period. and for these awards, like any RSU based award, if you are laid off you will still vest according to the vesting schedule of the RSUs. If you quit, you give up the RSUs
They changed the T&Cs vs historical awards to have more clawbacks. I’m wondering if the acceptance of the award makes the more aggressive clawbacks retroactive to existing RSRs.
They aren't offering a raise, this is what they're offering. If you don't want free money, that's on you.
Have you completely accepted the award? You may want to check the Tasks to see if something is outstanding.
What happens to it if you are laid off? Do you have to wait until it vests to get access?
take it or leave it. I personally am a fan of free money,even if not as much as I would like it to be.