What ever happened to the 401k profit sharing? For years it was down to 1% but the last couple years has been nothing, even with great company profits. I can’t even find it referenced in the benefits book anymore…
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Charlie took it down from 2% to 1% in his first year, then eliminated it the year after. He's all about "cost savings" and things that benefit employees are nothing but cost to him.
Yep. It’s based on salary now
Profit sharing for all, the real equity, was a pre-Shart thing. Back when we use to have a company people enjoyed working for
It hasn't stopped them for handing suitcases full of cash to former JPM hack execs.
Last year I was able to withdraw the profit sharing from my 401k or choose to invest it. I distinctly remember this because it came at a time when we really needed the money for our dog’s vet bills, and I was considering taking a 401k loan. When I went in it said I had a withdrawal available, so I took that instead.
Profit sharing is still available but purely discretionary. The firm stopped doing it a couple years ago. Can’t cut cost & hand out money at the same time.
The profit sharing still exists. You just have to be in the c-suite to get it.
They scrapped it during COVID. At the time, that was announced in the same breath as, and somewhat offset by, one-off hardship pandemic payouts to employees. Then they never resumed the profit sharing and pulled references to it on Teamworks, hoping we’d forget about it (as you demonstrate with your question, we haven’t).
To its credit, Wells Fargo has made significant strides in cleaning up its sales behaviors, but its internal compensation practices are still marked by an unsavory mix of secrecy, obfuscation, and hyperbole,
Lower-compensated employees do get a small contribution that somewhat mimics the old payouts.
You must be one of the "wealthy" employees. (Full sarcasm) That only applies to those making less than $75,000.
But I've been told nothing is political. Certainly not DEI. Certainly not redistribution of wealth in profit sharing. Not in the urban-focused hub approach in select cities. Not in closing branches everywhere except Daley's Chicago. Nope. No politics at play here.