I'd like to believe that profit jumping 60 percent means good things for everybody at WFC, employees included. Sadly, I'm a realist and I know that what will happen is those on top will get even larger bonuses, there'll be more share buybacks and the dividend might go up even further. As for us, things will continue as usual, with more layoffs and pitiful if any raises for the rest of us. Good results only mean good things for those on top and shareholders.
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“Discretionary Contribution “ means at THEIR discretion and there will always be an excuse to be well short of that 4%, which will never happen. Saw it at Chase for years and these folks came from enriching on that scheme there.
Profit sharing was changed effective January 1 to "Discretionary Contribution" up to 4% annual paid in April. We did not get one this past April. They also added a 1% base contribution annually to 401k for those making less than 75k total, who are employed on 12/31.
Don't quit your job, and short the stock.
Keep up the good work.
Look, you all know where we work. You won’t see anything more than usual. Plus I heard about some kind of expense initiative….
Sigh. Vote me down all you want (because I’m going to upvote myself)
Like those full time WFH agreements? Apparently the company doesn't owe anyone what was agreed upon on hiring either.
Get even and buy the stock.
vote me down all you want.
but, the company owes you NOTHING beyond what you agreed to when you hired on.
I was a wf employee, so yes, I should have made better choices, but that's the way it goes.
@rtq sounds like you should have sought better employment when you were younger.
Thanks for wishing ill on WF's employees so you can buy an extra can of beans this month.
were any of these things mentioned when you were hired on?
If not, then pi$$ off, I am a shareholder, and I need everything I can get in retirement. You sound like that douchebag that sent the email out to EVERYONE about the pay......
sigh. its the way of the world, if you are unhappy with it comrade, I suggest seeing employment elsewhere.
I like how we go on CNBC to say that everything is going great and we're making huge $...but when it's time to decide whether or not employees will get profit sharing they say everything is horrible and we're making no money, hence we deserve no sharing.
When the PS program first started, there was some semblance of consistency between company performance and profit sharing, but that went completely out the window several years ago and it shows no signs of improving. We'll see, maybe we'll get good news this year, but I'm guessing that the only good news we get is the PR spin kind.
Thats great news. Your 1972 Pinto of a bank is getting better gas mileage at the expense of removing its engine.
Turns out gravity assist is free and profitable as you roll down the cliff.
If it wasn't the horrible truth, WF wouldn't be paying the troll to astroturf this place.
@suj+1dmwPi3p. It’s a pattern of most if not all companies. Nothing new here
OP speaks the truth. Anyone who has worked for WFC for more than a couple years knows this to be an accurate statement and a pattern within WFC.
Stock up: not happy
Stock down: not happy
Stock flat: not happy
Laid off: not happy
Not laid not: not happy
Complain about everything: not happy
How about just leave? No? Not happy either? Ok. Happy whining then
Quit your job and buy some shares. Problems solved.