Every single job offer I received in the last six months since I started actively searching for something else has been below what I currently make. I know we're not among the higher payers in the industry, so what gives? Are the layoffs throughout the sector making banks think they can get experienced talent for the price of a fresh grad?
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Keep in mind that the market is over saturated with certain kinds of talent right now, driving down wages.
This is just silly. Some people are paid well (over market), others are paid fair, others are under paid. Long time employees typically make at or under market. As much as Wells Fargo touts pay equity, the reality is that there are people that have similar skills, experience, and performance and compensation could vary by $50-70k/year. In my area, there are people at $120k that match up against those at $180k. The difference is that those on the low end have been with WF for 10 or more years while the rest were brought over in the past 5 years.
It has been well known for years that WF pays people coming in new more than existing employees. As a countermeasure, many WF employees go work for a competitor and then come back as "new" to: 1) effectively get a promotion to higher level - or sometimes two; and 2) get the salary of a "new" hire - which will be higher than what they were making before they left and come back. I have seen people make this turn around in as little as 18 months.
The job market has shifted, Wells pays well, but over the past year, especially the last 8 months, the job market has shifted and the salaries reflect that. Keep in mind most other banks have also been shedding jobs, as well as significant layoffs in tech. Check your LinkedIn Network, you will see lots of people who have been unemployed for 8-12 months or more. Better to get a job when you have one, then when you are displaced.
Okay let’s be real. Wells might su-k to work at that is a personal opinion but they pay very well that is a fact! People stay for the cash Bay Area admin not even an EA and I make very good 6 figure salary. No bonus but over $50 an hour. “Work” from home 2 days a week, it’s a great gig.
Wells pays great. You are delusional if you think the pay is worse.
Pay is better than BoA, Chase, PNC, Truist, Key, Huntington, Fifth Third, and TD for roles requiring equivalent skillsets.
I can fully vouch for that having worked at a couple of the above as well as interviewed at others.
Wells does pay very well, it makes up for all the bullsh-t I see on a daily basis.
I still won’t bend over backwards for anyone here though.
Take a job you think you will like regardless of the pay (unless it's tremendously lower). This about the job, the employer and if there's growth. Sometimes if you take a step back (and find a meaningful job you think you'll like), it could make a huge impact.
I think that hiring companies are trying to push salary band down to be closer to pre-covid numbers.
Wells pays too much. I make $150k/year and maybe do 5 hours of actual work a week. Don’t tell Charlie.
It has shifted to an employer market. Lot of people looking. Supply and Demand
Wells Fargo has always paid a bit over market, I’m not sure why you thought differently. That is why so many people are trapped there.
Having worked at US Bank, I can say that they do not pay as well as WF. I left there for more money here at Wells.
yep it is an urban legend that WF doesn't pay competitively
where I have found outliers is "higher risk" companies/positions... tech and some smaller, riskier banks. Silicon valley bank was known for their incredible pay packages amongst the SF wells fargo crowd and then....
I would think your recent experience and evidence explicitly tells you that Wells must pay well. Or you're overpaid.
WF’s salaries and bonuses are better than BOA (I’ve worked there), USBank (talked to a recruiter and didn’t apply bc it was too low), and CITI (recently talked to a recruiter and they are wanting to pay for a SVP what o make as a VP here). I had an offer from MUFG and that was the only one that was higher and it was bc I told them I had one from WF already.
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I wish that were the only thing going on, but with awful strategic decisions, and RTO, they seem to be over paying mid talent, and getting rid of the best.
JPMorgan, BofA and Citi pay way less than WF. In fact Citi is probably the lowest paying of the top 4. US Bank pays very well, look into that bank if you want to stay in the banking sector.
WF is actually paying above market. To keep the good ones. And laying off the bad ones. That's why 1 billion was allocated to layoffs.