11/6/2022 0 Comments Wells fargo teamworks at homebank has outlined plans to cut $10 billion in annual expenses and to raise revenue. Pressed by low interest rates, billions of dollars of fines and settlements related to its fake-account scandals disclosed in 2017 and a Federal Reserve cap on its assets that curbs its lending limits, the fourth largest U.S. The plan to reinstate the benefit was announced to managers earlier Friday, and conveyed companywide in the afternoon. “The senior leaders at Wells Fargo Advisors were not aware the change was coming, and we did not get a single ounce of communication framing the decision,” said the advisor, speaking about the initial decision on condition of anonymity. It’s a “complete about-face,” chortled a Wells advisor in the Midwest, who said his well-compensated colleagues objected as much to the way the original decision was conveyed as to the loss of the benefit, which in 2020 can adds up to $17,100 to individual retirement plans. “At the same time, we remain committed to putting a greater emphasis on how we support our lower-paid employees through our compensation and benefits program, including through a new nondiscretionary base 401(k) Plan contribution.” “After additional review and consideration, we have decided to continue offering the 6% company matching contribution to all 401(k) Plan eligible employees, regardless of compensation level,” Wells spokeswoman Shea Leordeanu said in an email. Wells, which employs some 270,000 people ranging from tellers to highly compensated investment bankers, wealth advisors and money managers, couched its initial decision as an attempt to focus resources on low earners who were not saving for retirement. The decision came two days after Wells announced termination of the corporate benefit in a late afternoon email on Wednesday, provoking what some managers and brokers at Wells Fargo Advisors said was a storm of internal protest.
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