Per employee handbook, directors in commercial banking and corporate and investment banking are supposed to give 60 days notice. Has anyone in these roles quit without the required notice or know what the consequence of not giving sufficient notice would be? I fall under the 60 day notice but I can’t imagine my next employer is going to wait 60 days. I’m miserable and need to get out.
17 replies (most recent on top)
@1obn did they pay you for the 60 day period notice you gave? Did your role require the 60 day notice?
Weird, some people are asked to complete a certification while others aren’t. I may or may not leave this year (retirement), haven’t decided yet. But I might work somewhere else either full-time or part-time. Possible it could be within financial services, so would love to know for sure. As for paying SSA and Medicare taxes … my understanding is you do this right before a batch vests. Shares that haven’t vested you don’t own yet. I could be wrong, but in Nov. I had to pay $700 I think on the ones vesting in Feb.
Regarding certification of not working in a financial services company after retirement and RSRs.
I received a letter in the mail which directed me to a website to log into and “certify” that I was not working in any financial services job as either an employee or contractor. I certified and was done. Felt very similar to the certification I had to do each year indicating I did not have a relationship with another WF employee.
The letter indicated this would be a yearly certification until my RSRs were fully vested. Also indicated I would forfeit them if I took a job in financial services.
I’m retired and loving it with no plans to return to the corporate world.
Needless to say, I am selling my shares as soon as they are fully vested. Better rate of return in a high yield money market account currently.
Good luck.
I know someone who gave two weeks notice. He was not eligibile for retirement and stayed within financial services. His new company bought out his RSRs. If you don’t want anything from WFC in the future, you can walk out without any notice.
There are agreements for your awards and I swear the fine print said something about not working for a company that competes against Wells Fargo. But I could be wrong. I have RSRs and want to leave but don’t want to risk losing the money, which is a decent amount after 10 years. My question is how would they know where you work if you don’t advertise it???
If you take a job that they believe competes in any way, you will forfeit your RSRs.
Not true. Once you are retirement eligible the firm takes out SSA and Medicaid taxes on ALL of your remaining RSRs. I didn't get a paycheck for 3 cycles when they did this. They do that because they are no longer forfeitable so the SSA takes their cut immediately. As they vest in the future they will not count as earnings under the SSA earnings cap. WF can not take them back for any reason. I just cashed my last options and work for Bank of America now. WF never tried to take back any RSRs.
Was in a similar circumstance - gave 60 day notice and was let go on the spot! Took two weeks off then started at my new employer - wouldn’t advertise the plan but they won’t police it. Enjoyed a couple play periods double dipping.
Re certifying that you will not work in the financial services industry after retirement, how did they do that? Was that part of your outprocessing/offboarding? I am the one contemplating consulting part-rime. Looking at one of the big 4 firms. Thx.
I retired from a director /SVP role last year. I gave 3 weeks notice. Because I met the requirements for retirement, I was fine. Obviously I did not get a bonus having left prior to bonus dates. My RSRs remained intact and continue in the vesting schedule. I have cashed out several years worth that had fully vested and the others continue vesting. I noted one persons response saying they would retire and take several months off and then do consulting…fyi…you will have to certify that you are not working (even consulting) within the financial industry. If you take a job that they believe competes in any way, you will forfeit your RSRs.
Good luck to OP. Leaving WF was the best thing I have done in a very long time. Toxic world there. No stress now.
@nhr+1rJFxSpi 49 states are at will, only Montana isn't.
Do you have a garden leave contract? Besides forfeiting your deferred comp, not sure what else they could do.
See if you are in an (At Will State). That should explain it all. Good Luck Moving on.
I’m in the same boat as you, OP. Director and want to move on. Our notice period is 60 days and from what I have learned, it can be working or non working. Depends on your manager to a large extent. I am contemplating retirement, then after several months off, I might do some consulting. I also have RSRs and the question I have never been able to answer is how would WF know if you started a new job say 45 days into your 60-day notice? I’ve heard the Work Number site, but you can have your info blocked there.
@OP+1rJFxSpi make sure to read your Equate Plus RSU grant agreements for each year awarded. There are notice periods tied to share retention. Good luck with your job search!
Thank you both. Don’t have anything lined up yet but am applying elsewhere as much as I can.
Give your notice, and start with the new company on a mutually beneficial (for you and them, not WF) timeline. Just because you give a notice doesn't mean you'll be working for all of it. It's what they do to us. Just call it "no working notice" and move on.
If the severance is a negligible amount and you have a great role lined up, leave. Your manager may try and sabotage you in your new role so don't provide the time of day and move on. Congrats and enjoy the role. There are opportunities elsewhere.