Thread regarding Wells Fargo & Co. layoffs

Glad you didn't cast your pearls before the swine.

The company will not be able to attract good workers even in the next "CEO culture" - you'd be working with people that see you as competition, will not share information & will back stab you.

This is the WORST company I have ever worked at. You made the right choice.

Stay at the company that gives you more peace of mind and confidence- WF will only take it away. No matter what the salary/benefits are. It will be gradual, and it will be hard to get back.

When you add up all the therapy & TIME you will need for the gaslighting, and the lost time when you try to pick your life back together after WF, it's just not worth it. This is the most dysfunctional company I have ever worked. There are no rules of comportment- it's literally the Wild Wild West.

Good choice, Op. A difficult decision for you, but WF has deteriorated, so best to stay clear.

Op here...I ended up declining offer as I didn't think it was worth the risk...

Like the others have said, think long and hard before making the jump.

WFC is truly a class of its own. I worked there a few years before leaving. I was consistently rated exceeds and even given a counteroffer to stay. Providing this info to give insight to my performance and relationships within the bank.

First the good:

• 30 days of PTO (including sick time)
• health insurance was decent
• good work life balance

Now the bad

• bonus sucks! They claim it’s 25% but every year they have an excuse why they won’t pay it. Either the division didn’t hit targets or the company didn’t hit targets or some other bs.
• the company is cheap! Plan to buy your own office supplies. I got my mgr in a lot of trouble because she approved my expense request for a new lcd monitor for the office (pre-covid).
• no advancement opportunities unless your in a hub location. Hub locations are mostly cities no one wants to live in I.e Idaho or Arizona (no offense to anyone in those areas but it’s no San Francisco).
• 401k match once per year. If you do the math it actually works out to be much less than a 6% match.
• there are many other issues but just keep in mind this company will sc--w you over at any chance they get.

The CEO is out for him self. He’s made racist comments in the past he’s demonstrated that he’s out of touch.

@1dit+1hKU5PTh how is he trolling? that describes the WF experience pretty much to a T

Run, you are being lied to. And even if you weren't this company isn't worth it.

I would not count on profit sharing contribution above the 6% match. We usually get it, but it's usually meager.

I think insurance premiums are tiered by comp. I have been very happy with the Aetna Cost PPO HSA here. We have a lot of med expenses (some unusual) in our family and most are well-covered. I was at BofA about 20 years ago and the coverage was pretty good there, too. I would expect them to be comparable.

Yes...big difference between bac gets and wells for PTO. Bac if I remember right gets 20 vacation days, 10 personal/sick days and fed holidays..

If you do leave BoA, do not burn bridges, whether to WF or somewhere else. Also, make sure you are not leaving a benefit that you will be permanently giving up should you decide to return. Wf had a couple of programs no longer offered to new hires or returnees. BoA might have something similar. Look at your PTO time, too.

I would say that it really depends what group you’re in, and how good your manager and teammates are. Although now the directives coming down are a lot more heavy handed, which means you could end up miserable anyway even if you are lucky enough to land on a good team. If you are generally comfortable now (which it sounds like you are), I wouldn’t risk it.

@mgx+1hKU5PTh

troll

This forum is filled with disgruntled employees and ex-employees. It sounds like a good opportunity. I wouldn’t discount it because of what people here say.

Op here..I originally was 80% sure I would take it and now probably 25% to take.

I wasn't aware of match 1 time a year (so stupid) and bonus/raise issues for high income earners.

On top of all that I got a good thing going at bac w a pretty good boss and lil stress....

I really appreciate the feed back and will talk to recruiter monday..

1. “Up to” 6% match if that if what YOU contribute.
2. Yes. UHC HRA is pretty good, copays and no referrals needed.
3. Absolutely not.

It’s not a welcoming company as a whole. They only recently switched from a quarterly 401K match to once annually. It is not prorated if/when you quit. Which you WILL do once your number comes up to be one of the minimum 30% on your team who, by quota, must receive an “inconsistently meets.” The appoint neophyte “managers” who are hired solely to meet Diversity Equity & Inclusion goals….so you aren’t going to have any managers with a depth of financial knowledge to learn from. You’ll learn a lot about incompetence and pretender “managers” who were promoted because of who they know, not what they know. Good Luck with your job search!

Re: RTO, they are heading to 5 days in office and 0 days from home. I'm in Commercial Properties Group and we've been told hybrid is going away. This company is a dinosaur.

Do not do it. It's not greener at WF. Mgmt is incompetent, lost all faith in them. Many misrepresentations were made over the last 4 years. Bonus depends on profits in your group and your performance ranking. The 401k is a once a year match leaving you totally exposed to that day's market value. The match and any bonus are no longer prorated; you need to be in the chair the date that it's paid out. Bank lowered cost for medical, however, difference did not come out of WF, it was achieved by charging higher paid employees more, regardless of their circumstance. The plan does not compare favorably to coverage elsewhere. 5 people earned in excess of $57MM last year.

Everybody else trying to get out and OP trying to get in! LMFAO!!

To answer the 401k question. The match is paid once annually - in Dec - and you have to be here a year before you even get that. The match is posted in WFC stock.

Another fun salary detail that comes into play at merit time. 2021 they passed over anyone making $150k+ for a merit. This year that was on $200k+. In each case it wasn’t announced until calibration time - so November-ish. People worked all year long to get a raise and we’re denied because the CEO thought they already “made enough”. Then he went ahead and put his own raise to a board vote - and got it!

As another response noted, all big banks have their issues but WFC is in another realm. Asset cap means profitability comes from the hides of the non-exec workers. Join us at your peril.

To the original poster, they’ll give you the base salary on the offer letter. Now that’s not to say they won’t restructure your comp or something 6 months later. Or just cut you loose, especially in this environment. With bonus, all bets would be off and I definitely wouldn’t count on it at all. BAC has its issues but not once have they ever not done for me comp wise what was purported, written or verbal. Wells made a habit of it.

1. Bonuses are not fixed. The value you see is probably the high end. b) Healthcare cost is tiered around $50/100/150 if I remember correctly. c) No telling what leadership will do with regard to attendance. Right now leadership knows that employees have the upper hand so they are allowing the flexibility. When the balance shifts back to the employer, the requirements may increase. Bottom line - make sure you're honest with yourself if you're running from a job at BAC or running to a job at WFC. If you're running from a job at BAC, WFC is not the place to run. If you're running to a job at WFC, then know what you're getting into with regard to the company as a whole and balance that with the great job, manager, or career step that you're running to.

You need to run away as fast as possible. WF is a toxic environment and its got getting any better.

So I got to worry if they are actually giving me the base salary on offer letter? Damn...thats bad. I thought about getting them to put it in writing for my bonus this year, but its sounding like that .ay not even be sufficient...I am a bit surprised by this talk...

I joined WFC private bank from BAC 4 years ago after a long stint with BAC private bank. Moved a large book of business over. WFC did not keep their word, even when in writing, on any aspect of comp and then went on to incompetently restructure the entire WIM organization. I happily quit and am now back at BOA with entire book thankfully moved back. I would avoid WFC at all costs and put zero faith in anything they tell you at any level. It is an organization unlike anything I’ve ever witnessed from top to bottom. Every large bank has issues, WFC is in another realm though.

Don't listen to others. They are probably just in poor areas. I think coming into CIB would be good. WFC is trying to grow in that area.
Here are the answers
Yes
Yes
Yes

Not a good time to join this company

Don’t trust a word they’ve told you.