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Sunday, May 9, 2021

New Pay Details for Wells Fargo Employees Revealed

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Wells Fargo says it is revising its yearly employee compensation bonuses to reflect the revelation that its employees tried to fraudulently open Wells Fargo bank accounts for customers — payments tied to poor customer service and sales goals.

The bank’s plans to shift most employees’ bonuses to be paid in cash have angered many employees, who fear it will result in loss of income for some. Wells Fargo had previously said that it was keeping its annual employee cash bonuses steady, at $12,000 per employee.

Though many employees will miss out on annual cash bonuses, they will see their base pay go up because the bank is giving out pay bumps based on performance, rather than having them depend on cash. Employees will also see more of their non-cash compensation tied to outstanding bonuses. This year, roughly 10 percent of pay will be based on a performance grant, half that before.

Workers’ interviews with The New York Times revealed a pay environment that has pushed employees to inflate sales goals, or switch jobs to increase their bonuses.

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