Thread regarding Wells Fargo & Co. layoffs

Manager claims he didn’t know about changes to job titles for his team members. Is it possible he didn’t know ?

Same, I have not heard about this. Can you elaborate OP?

They could just call everyone in the company a BEC or a manager. At the end of the day, you're doing one or the other. Maybe the pay range min wage - $23M/year and call it good.

Same situation with Analytic Consultants. Most of them know nothing about analytics. Ask them about a SQL statement and their heads will explode.

In our area “Business Support Consultant” is outdated. We have business execution consultants, of which, the responsibilities will vary greatly with different LOBs.

This is due to new state laws. Currently, NY, CO and CA (may be a few others too) require salary disclosure in job listings. By broadening the salary bands, it’s less meaningful when posted publicly.

"make a move to have the company fix it."

If you do this at Wells, you will be black flagged and your career here will be over.

@yjz I may be a minority but I did make it happen. Until it happened I would have had the same reaction as you.

"If you feel you're being held back financially, make a move to have the company fix it. If you're a valuable employee, they will try to keep you by offering you money."

ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha

ha

@fth why are you so worried about what your coworkers are making? If you feel you're being held back financially, make a move to have the company fix it. If you're a valuable employee, they will try to keep you by offering you money.

If you aren't worth their effort to pay you competitively, is that on them, or you?

Asking as a former severely underpaid employee.

If all us employees could only come together and discuss our position/title and pay rate………. I’ve tried to discuss with peers, everyone has some aversion to it. Got that embedded fear. If some new cat on my team told me they made X and it was more than me I wouldn’t be mad. I’d figure out why and rectify the situation or leave. I certainly wouldn’t hate on that person and if the sitch was reversed I wouldn’t hold it over their head.

Would be good to have something simple like:

0 - Charlie
1 - Managing Director
2 - Director
3 - Vice President
4 - Assistant Vice President
5 - Trooper
6 - Private
7 - Musketeer
8 - Tirone
9 - Sepoy
10 - Rangroot

What is their motivation?

My old company used that trick (title changes) to lay off American and avoided freezing H-1B visa applications for 6 months.

they threw an 'avp' at a few of us instead of giving raises. sorry Chuck, the letters don't pay the bills and those letters mean absolutely d*ck. here or anywhere else

Wells Fargo hates off its employees equally

Company provided job titles are the bad wrapping on a disappointing present.

Supplementary titles such as "lead, senior, vp, etc" don't hold any weight. Easily thrown around at WF and other corporations as a way to make workers feel better without really compensating/promoting them outright.

It's to provide clarity to candidates considering Wells, to understand the job leveling. It feels like 75%+ of us are 'Lead Business Execution Consultants'. From accounting to recruiting, that title is broadob, vague and doesn't help much at all. With the netitles it will simply provide clarity to external people considering wells what the role equivalent is to other players in the financial services/banking space. That's the jist of it.

they did all this back on Jan 1, 2022. they went from like 40k job titles to a couple thousand. much easier to manage.

Levels 1-5 went away.
Levels Senior, Lead, Senior Lead are still around.
We will see what comes next. Maybe just one level called SU---R.

In my group the titles changed, but not in any significant way. Just rearranging the chairs on the Titanic's deck.

I bet every job move will be a lateral, with no real increases. Well played Wells Fargo.

Not to mention making every developer a 'senior software engineer' so they essentially have no realistic significant advancement available.

They are 100% trying to hide not only salary gaps with lower level employees, but also hide the grotesque levels of compensation the JPM recruits are receiving. Do not think for a second that they’re doing anything at this company for your benefit.

It means people stay in the same job longer and excitingly get to have a 1-2% raise for a decade!

Post ID: @olo+1o9pgiDN

Thanks for elaborating. Our group experienced title changes just once, coinciding with the migration to Workday, but we haven't seen other changes since then. Sounds chaotic and confusing.

No - I think this is just one of many things they are trying to cover up.

https://sites.wf.com/emea/media/7510453_5732084_OTH-CHR-HS_UKemployeesGenderPayGapReport%5BQ2_2023%5D_vF_a11y.pdf

This is an interesting report prepared by Wells Fargo in London on gender pay gaps. It might be different over there, but it is interesting to note that the gender pay gap widens as the salary range moves higher. In other words, women are paid considerably less then men in the higher paying roles at Wells Fargo That is because more men are in higher paying roles than women at Wells Fargo.

It's hilarious that you think WF needs to cover up "racial/gender pay discrimination." If there's anything to cover up, it's the overtly racist quotas for hiring that WF put in place.

Post ID: @uom+1o9pgiDN

You may or may not be affected if you work in a branch, but if you work in one of the home offices - they have been jockeying around our job titles and who we report to for the last 2 to 3 years. For example I’ve had the same job duties for the past 5 years but they’ve changed my job title and my bucket (1,2or 3) twice in the past year or so and changed who I report to twice. I have friends in other parts of the bank who say it is happening in their departments also.

I've heard nothing about this. Can you elaborate?

I agree 100%. It’s impossible to compare apples to apples, or apples to oranges, when you throw it all in to one bowl and just call it fruit.