This $2k “special award” is just a flex by the Executives to remind us what peons we are and management reminding us to stay in our lane. Here is what I mean…ok, this $2k award is for the 6 years of listening to the top brass b-itch and moan about these consent orders. $2k divided by 6 years =$27.77 a month. And now that we have to wait an ADDITIONAL 3 years to even be able to redeem it (assuming the stock price doesn’t go down OR we get laid-off in the process) actually equals $18.51 a month ($2k divided by 9 years [108 months]). Break it down even further and It’s like an $0.11 cent (+/-) an hour raise over a 9-year period. They gaslight us so bad that it actually incentivizes employees to look for employment elsewhere or to take a longer po-p while on company time. Charlie, stop trying to play us for a fool!
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I don't give a flying fu-k about being perceived as ungrateful.
It's an enormous slap in the face to say "thanks for your hardwork for the last 9 YEARS, here's a little treat. You just have to wait 3 more years to get it.."
At least if they added it to our 401k we could get a loan on it. Short of that I would genuinely rather have a pizza party or one of those ceramic cubes. At least the cube can be used as a paperweight on my flex seating desk.
Hey OP you can always just not accept the award.
@ad Read the FAQs... if you're displaced you still get them.
Don't you just love getting those emails that praise employees for their hard work? When they are actually shaking each other's hand because they are reaping the profits. And because they are soooo generous and we are soooo important to the business they hand over shares they don't want, so we can wait years before cashing them in, if they're even have any usable monetary value by then. A cash bonus would have been better and more useful for those who could use a financial lift. Or for those whose jobs are wading under the guillotine.
They’ve got all the constraints lifted, if you look at ANY of the top execs resume, you will see that they all at one point have worked for JP Morgan/Chase. They (WF) have sold off a lot of their business/services ( highly profitable ones) and have made themselves smaller. Wonder who they are trying to get to “Acquire” them. Perhaps a bank with the initials JPM…? It would be old-home week for all the upper management!
Charlie didn’t even approve this. It was his autopen
@ad I read the terms from Bei's email this morning. 3 year vest. If you're displaced or you retire (and meet retirement eligibility) you still get the pay out on normal vesting. There's also an exception for those terminated in connection to the Extended Absence Policy (LTD) to still get the award after 3 years.
Want the money now? If you die, they'll pay it out early to your beneficiary. Lol
layoff != terminated. If you get laid off you don't lose this award. it will still vest after 3 years at which point taxes will be taken out and you can hold or sell.
There's lots of things to complain about with HY, I, for one, won't complain about "free money".
@ac and dont forget the tax hit too, 27 shares quickly becomes 19 or 20 shares in reality! When the account scandal began, they offered a similar "stick around" incentive. Oh boy! Soo generous for 8 years of loyalty.
@a5 some of the basic terms came out this morning and had a blanket statement saying if you are terminated for ANY reason you don’t get anything. It could be argued that being laid off is the same as being terminated.
This restricted 27 shares based on current WFC price of $74 (over priced…) is so fing insulting, first it’s based on inflated share price, second, not vested three years till June 2028! I don’t want to work here till 2028 to collect this 27 shares! F that BEI and Schart!
Very insulting especially for those of us outside of site strategy, apparently on the chopping block (eventually but who knows when), unable to apply internally for a new job and therefore absolutely STUCK in our current jobs. Ironically I personally worked on some of the issues that I am being rewarded for in 3 years time. Except I won’t be here. I’ll be leaving because I have zero career growth here (Charlie can eat his words from the town hall yesterday). I have an equal amount of respect for this company as they have for me.
Yes you’re ungrateful
Guess I retired too some and missed the big payout. Dang
Compared to his stock awards and cash bonus its laughable
I suppose it's better than nothing, but they're RSRs so you won't see the money for 4 years or whatever the vesting period is.
Yeah.... I am feeling the same way and this is coming from someone that has been asking for RSR instead of cash bonus every year.
Slight correction. We haven’t seen the grant terms. If you get laid off typically you keep your grants and they vest per normal.
It's insulting.