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2 people found this helpful  

Great place to work, but limited internal growth potential

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Current Employee - Operations Analyst III  in  Charlotte, NC (US)
Current Employee - Operations Analyst III in Charlotte, NC (US)

I have been working at Wells Fargo full-time for more than 8 years

Pros

The people are great. The company is strong and stable. There are many job types and opportunities within the company. It's a great place to get experience.

Cons

There is an internal policy that limits growth of the employees to about 15% for internal promotions. This isn't an issue if you join the company at a reasonable market rate, but if you are planning on starting at the bottom and trying to work your way up, you will quickly find that you will always be at the bottom. The consensus from employees I have spoken with is that the best way to earn a respectable salary is to leave the company and come back at a decent rate. I know two individuals who did this and doubled their salary in one year, keeping in mind that they were severely underpaid to begin with.

Advice to ManagementAdvice

Try to build a better culture of talent retention. Too many great employees leave because of the rigid compensation policy. Just because you get a bargain rate on an employee to begin with doesn't mean that you should hold them at the bottom for the rest of their career. The smart employees will always leave for better pay, and you will be left with the least ambitious, least talented people working for you for the long term. This does not seem to be a very good recipe for success.

Recommends
Positive Outlook
No opinion of CEO

Other Reviews for Wells Fargo

  1. 1 person found this helpful  

    Wells Fargo Advisors

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Registered Client Associate  in  Austin, TX (US)
    Current Employee - Registered Client Associate in Austin, TX (US)

    I have been working at Wells Fargo full-time for more than 3 years

    Pros

    Great benefits, good hours and several holidays off. There are a lot of education opportunities within the firm.

    Cons

    Commission based salary and low growth potential. Also, almost all of the FA's are men and almost all of the CA's are women. There are clear gender biased roles and most women do not break through the CA position.

    Advice to ManagementAdvice

    Continue to recognize CA's for their work. We handle most of the relationship with the clients.

    Recommends
    Positive Outlook
    Approves of CEO
  2. 1 person found this helpful  

    Regional Private Banker Minneapolis, MN

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Regional Private Banker  in  Minneapolis, MN (US)
    Former Employee - Regional Private Banker in Minneapolis, MN (US)

    I worked at Wells Fargo full-time for more than 8 years

    Pros

    technology is great. working for a large company, it is possilbe to have a long rewarding career. 401k and vacation time are generous. Salary is average for this position in the marketplace. Midpoint for a seasoned private banker 1 is 55,000. Private Banker 2 is 62,000. both have annual and quarterly bonus potential.

    Cons

    Sales expectations are high; bankers have a dotted line reporting to an affluent sales coach; be prepared for intense one on ones at least once or twice a month to review sales pipeline. Bankers are responsible for achieve 3 of four metrics in deposits, investments, loan, and partner referrals.

    Recommends
    Neutral Outlook
    Approves of CEO
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