Looks like the people that have been telling us all what a good thing it is to be demoted as a title, that we no longer have bonus targets, that our 3% “merit raise” bucket is a good thing will now have their AVP/VP/SVP officer titles under review
Welcome to the demotion club middle managers!
Officer titles are useless, especially for people who are not customer facing (eg, risk, infosec, it, etc).
Know what would be more valuable than an officer title? Upgrading the office toilet paper to two ply.
Officer titles for many people are useless. It makes zero difference in comp or anything else.
For crying out loud we must have like 10 levels of VP in the company.
Someone once told me that officer titles were a way to distribute risk around (rather than concentrate it) throughout the bank. They didn't elaborate.
I think the odd part is they do not readdress them as you change roles within the bank. We had a senior manager in our team who got too stressed out and they moved to become a Business Initiatives Consultant. Still has the SVP designation…. I had no corporate title until the great tech retitling version 1.0 in Aug of 2020. At that time i suddenly became a VP. So did everyone on my team that was a Sr ___ Engineer. Nothing changed in our pay or responsibilities. None of us asked for it, just appeared. Totally meaningless.
The problem with these officer titles is that they do not mean anything. For those of you sitting on VP get over it. I was issues an AVP and then left the EIT organization. The new organization does't address officer titles so I sit at AVP while my old team has continued on to VP. They mean NOTHING!
They will likely get rid of them eventually, via attrition if nothing else. Just stop issuing them and eventually they'll all be gone. Personally I think it's a lame move. They don't impact pay, so there's no real benefit to taking the titles away. Sure, some people don't care about them, but some people DO and it costs nothing, sooo, why?
I was given the title of Vice President when I first started as an internal Wells Fargo employee. I take the title seriously and have always attempted to meet the expectations of such a title at Wells Fargo. Though I do not flaunt it, it is not on my email signature, VP, as other team members do. However I do use it on my resume!
Wells pulled a sh---y move on me by years ago by giving me an AVP title in lieu of a promotion or raise.
Typical cheap Wells Fargo.
Corporate primary titles are unrelated to signing authority. My team just had to do the review of legacy signing authority for anyone that inadvertently got the signer authority when they were given their corporate primary title.
Corporate primary titles are unrelated to signing authority. My team just had to do the review of legacy signing authority for anyone that inadvertently got the signer authority when they were given their corporate primary title.
@1rqj I agree.
Direct peers….that really means, “according to all the flunkies I hired from Chase….”
They don’t matter for the most part. It’s going to matter if they take away the title and now there is no one or only one person in the group that can sign docs on behalf of the Co. It often is an indicator of signing authority. Those poor policy/proc writers are gonna be busy removing, “AVP or higher” from every corner of the enterprise.
One of the adjacent groups to mine started people at AVP and you would get VP if you got a 4.5 rating under the old 1-5 scoring system for 2 years in a row.
AVP here for around 10 years. Meaningless.
titles tend to depend on your management. Some give out like candy, some are arrogant about it. Back in the day, my mgr tried to promote me to VP and his manager denied it as he felt no one that wasn’t a direct of his should have it. Eventually got it and when I changed jobs, I was only one on new team that had VP. My peers were all AVP. Guess someone raised a ruckus as next cycle, they all got the VP title. That said, even as recently as this week, we have new hires with no officer title. Guess could go to B of A where everyone is an SVP
I am hourly, an assistant. I get overtime and I like that. Please Wells, just leave me alone.
My new job title is slightly better than previous. I care more about comp though. No target bonus is a joke.
Loved the way bank stated..."we're aligning our compensation with direct peers, which will better position us to attract, motivate, and retain talent". Hasn't that always been stated? Meaningless. I asked, no adjustment, although below the old "mid point". Keep the title, I prefer the money.
OP Read the email again “may conduct reviews of these titles at some point”
What does that have to do with officer titles which have no bearing on salary?
In a word... yup!
looks good on a business card and resume but at wf they are like opinions, everyone has one
and will area differtial be take into account. if I have an employee in area 0 and another on area 3 both with the same title and perform, do they get the same dollar amount?
I have one of these titles, got it when I started, pretty much everyone I work with or know here has one, as far as I can tell, it serves no purpose and provides no benefit to the company or worker bee. So, for me personally, I am more concerned with the removal of the target percent since that was part of the wage proposal when I was hired. You will get $x and will also get +‐ x% of your salary depending on how well WF performs assuming you perform. I am good with paying for performance, I am not good with WF using the TVC to implement pay equity which would come at the expense of those with a higher base. Example: calculating TVC for a rating without consideration for base - exceeds for the group will get $120,000 TVC, if you have 2 exceeds, one makes $90,000 and one makes $110,000 due to varying factors, then one gets a bonus of $30,000 and one gets $10,000. It will be great to get the senior people to leave if they have topped their salary band, a back door way to get rid of us old fogies.
I care more about the total variable compensation. I know we are in a new job family but currently the title is mapped to wrong job family.. and manager raised a ticket to HR and still not fixed. So still do not know new title profile, no info about TVC.