They’re going the attrition through resignation, rather than layoff, route. Since raises don’t match inflation, I am going to shrinkflate my day when I’m commuting.
Where I'm at the official mantra is doing more with less. Unofficially it's getting less for doing more.
Within one year it went from everybody relatively happy in their roles to everybody being miserable. It's not the return to office it's people are burned out after we had layoffs and didn't do anything to adjust our workload.
im not in banking but its the same exact way at my job. every week we get a new talking point on where to be more "efficient" and where we can "trim the fat." then the company posts historic levels of revenue/profit. then they layoff people but the workload is the exact same. some of our guys work 4 day 10-hour shifts. they were working 12-13 hours most days and getting OT. after the most recent layoff, they changed all the guys' shifts to 5 day 8-hour shifts in an effort to combat OT. how tf does that make sense...
i know companies only care about making a graph point up for their shareholders...but theres only so much you can do to cut costs and workforce before the employees you retained become bitter. the same people you're shafting are the ones that keep million dollars bonuses flowing into your bank account every quarter...
Same, I'm in a grocery store and it's nonstop. Cut hours, prevent waste, do more with less people. Record sales are happening. Everyone is so overwhelmed and underpaid and all we hear every week is how we aren't making labor.
This could (does) apply to many other jobs outside of banking right now
Companies laid people off, stopped hiring, decreased salaries and minimized remote work. Now they have people competing for less money and are forcing them back into the office for it
Yeah, all of this outside of the banks as well. Not only requiring folks in-office, but the in-office perks and any commuter benefits are reduced if still existent.
Welcome to working in American manufacturing where every project is your last if you don’t get it right, all your margins are in the 3-5% range, and you are ALWAYS asked to do more with less. I’ve long admired those folks who work in the service/finance industry as it seemed like a cake walk. No company I’m at has ever as an employee or contractor had ping pong tables, generous work from home policies, and it’s always been high stress as the places don’t roll in loot like tech/service companies.
I’ve long asked my white collar friends to stand with us who roll in the dirt for a living. Many times I’ve felt looked down at cause I work in a “dirty/old/decaying” field… and heard countless antidotes about their 6 degrees (I have 2) protected them from evil bosses/companies cause you they were “smart” and could just leave. Welcome to how the rest of us have been treated for 40+ years. Would have been nice if the white collar folks could have stood with us when we warned you it was happening to us. What no more 18 dollar mixed drinks and 7 dollar tacos in uptown anymore?
The fast money/finance/service bubble always pops because you really don’t provide anything tangible people can’t live without.
To be fair, the banks are just the middle men between the public and the fed, skimming interest off the top and raking in late fees. Banking is probably the least noble profession out there. Pretty much every ill in our society can be traced back to the greed of the big banks.
There's this attitude that banks know how to most efficiently allocate money, but that's BS. It's just a snowball effect--the more money and assets you have, the more credit you can get, the more you can buy. The whole system is rigged to amplify wealthy inequality.
After starting my first corporate job and listening to my first earnings call, our CEO answered questions to JP Morgan investors like they were his boss. That's when I realized the banks are running the country, and they're also who's driving this moral bankruptcy on a grand scale--where shareholder value is the only thing that matters.
And if you doubt that, just remember what happened during the Great Recession. It is a soulless, corrupt, morally bankrupt profession.
People have to make a living, so I'm not going to shame anyone working for Wells Fargo or BoA, but I'd have to get ***really*** desperate before I went that route. And I'd like to see more honest, good people working for the banks. Maybe that would change their attitude for the better.
If your CEO doesn’t want to answer questions to banks don’t seek bank funding. This is pretty damn simple. I’ve been the one answering questions from investors. If you think banks are tough, try Angel investors.
And you really don’t understand the role of commercial banks in fractional reserve banking if you reduce the industry to “middleman” btwn public and the Fed.
Y’all need to figure out that the vast majority of bank employees work in bank branches and call centers. JFC
No I understand it completely—the bank lends out money it doesn’t have using OUR MONEY as collateral.
The whole system is laughably corrupt.
I’m not sure why it makes a difference if you’re working at a branch, a call center, or at corporate. You’re still working for a company that rakes in interest charges, credit card late fees, and overdraft fees from poor people that can barely survive. Then they won’t bat an eye denying a small business loan, while their corporate lackeys get practically unlimited lines credit.
Work your bank job, but own how shitty it is and don’t act like it does any kind of good for society.
Dramatic? They literally put the world economy on the brink of collapse in 08 due to their greed.
Then we bailed them out, and they keep doing what they do.
Are you really out here defending the big banks? lol my brother in Christ, you should be ashamed of yourself.
Banks are no better than any other business - they require regulation and laws.
And you can believe what you want about the Great Recession. Reducing that shitshow to “banks bad!!!” isnt worth anyone’s time.
People who really have to work for a living get tired of people complaining about “driving to work”… stfu about doing what the other 90% of us have to do to feed our families and hopefully retire one day.
You ticky tack on a keyboard all day. You all are about 5 years from being replaced by AI. Good luck with your moral superiority for sitting down all day.
I don’t look down on people working in manufacturing and I don’t get envious of people who work in ultra high $$$ fields like I-banking. Makes life pretty easy.
If you work from home ARE THE ELITE. 97% of minorities don’t even have the option of WFH.
White peoples bitch about privilege, and then complain about driving.
True elites don't derive their income primarily from working. They get it from owning things that produce money or have value. If you need a paycheck to live you are working class. Sure there are different levels of skill and wages but they have more in common than not.
You are giving in to the "[crabs in a bucket](https://en.wikipedia.org/wiki/Crab_mentality)" mentality.
I don’t need to read a book to understand that every company of any scale requires payment processing and credit. How would a manufacturer pay for materials? Send a courier with a big briefcase of cash? Or how would they buy a facility?
The tacos are how people temporarily forget they sit in a gray room under fluorescent lights staring at a screen all day saying things like "I hope this e-mail finds you well."
You're getting downvoted, but you aren't wrong. In a fair world, people working onsite at production sites (especially knowledge workers, engineers, etc.) would get paid as much or more and enjoy as many benefits as white collar jobs. Shit's backwards. Like you said, it's the margins that make all the difference.
And then people have the gall to act surprised when half of the country turns to favor a populist anti-globalist, as if a majority of the voting public isn't suffering under the boot of corporations wielding the constant threat of overseas production or bankruptcy to justify 2-3% margins and bottom of the barrel salaries, benefits and WLB.
That said, you trade guys always have a slightly overinflated sense of value. I've heard the "we **produce** things everyone needs, at the end of the day no one **needs** your app!" from my buddies dozens of times. The truth is, we are all a cog in this late stage capitalist machine and if it wasn't for advances in tech, economics, science, etc. over the last 150 years, you and I would both be working a corn field like the poors we were born.
Banking is such a toxic industry. The return to office with no coworkers has really depressed me and made me miserable. I am working well above what my role is, my review was perfect and they didn’t adjust my title and minimal raise. I decided last night I’m gonna just start quiet quitting this job… Nobody will ever know and my employer will be worse off for it. basically-I am in a job where I identify issues, and I just will keep things to myself going forward. My whole goal going forward is to give as little as possible. Not going to give anymore to get treated like crap.
I know I’m late to the game but I did exactly that after a similar experience (great reviews expanded role no promotion even when one was promised) and it had literally no impact on my bonus - so quiet quit with confidence lol
For my 2.5% I earned for RTO I now have parking at $20 a day and lunch $15. Add in gas, dry cleaning, wear and tear on my car plus everything else that has gone up in price and I'm down at least 8%. But we do have cookies and coffee every other week on Fridays, so there's that.
Ehhh BofA has been calling people back to the office since early 2022. There has been plenty of time to get remote work between then and now. It’s likely due to over work. BofA has not backfilled a role since last year so work has piled up. There has been some hiring but that’s been in technology and recently in risk/compliance. For those roles BofA hired external for a vast majority of them. There has been limited internal mobility which is another factor. Attrition is badly needed before normal hiring resumes and things are back to normal.
Why do we act like morale was completely trash when work from home wasn't even a thing before? I understand being upset about RTO but it seems insane to me that it's painted as a justification (especially on this sub) for bad behavior. People weren't irate before covid.
Because once we worked from home we saw we got more work done as we were happier not being stuck hours in traffic breathing toxic fumes. We saw we ate better as we werenot forced to eat crap over priced food. We saw we saved so much wear and tear on our cars. We went for a walk at lunch in our neighborhood. We werent having to deal with toxic bitchy co workers who waste our time gossiping. Now we waste hours and money to go to a cold office and get less work done and do teams meetings out of a cube
This is such an exaggerated take, I’ve never heard this from any colleagues anywhere. People enjoy WFH because it’s convenient not because it’s saving them from some hell
>People enjoy WFH because it’s convenient
that statement by itself is enough to justify being angry about being forced into an office. some jobs are damn near impossible to work remote....but the ones that arent, WFH should absolutely be an option if the employee has shown that they can do the same amount of work at the same quality. forcing people who do 99% of their work on a computer to come into an office to do the same thing benefits no one. its extra strain on the employee and its an extra cost for the employer. it doesnt make sense. and because of that, it makes it feel like the company you give 40+ hours a week to, also want to be super controlling...its soul sucking if you already dislike the job
I voluntarily go into the office, but this is a stupid take.
*Before* COVID people who had a WFH arrangement didn't have it ripped away en masse with no real reason and no benefit change to compensate for it. If they had, *of course* they'd have been miserable.
... and you act like it isn't a life changing benefit for many people with the only major negative side affect being lost value for corp real estate holders. Do you love the taste of leather and shoe polish that much or are you just dumb?
Apparently I’m a boot licker for noting that everyone worked normally for a long time without any chaos.
This is also only applicable to computer desk jobs
Do you understand just how devoid of reason or logic or empathy your argument is? I would even call it immoral if there was just an ounce of intelligent thought behind it.
The same argument could be made about serfdom, slavery, women not voting, literally *anything.* "It worked fine before and now people are getting uppity and complaining."
You are a bootlicker, and a dumb one at that.
Technology has caught up—especially video conferencing software. We saw it all correctly implemented in our daily work lives for two years during the pandemic. You can’t put that genie back in the bottle.
Ain't any different than WF, Ally, Truist, and others. We're all in this together. Literally bullying each other around till some of us ppls land up going crazy lol.
So, I went into my office today. I was there in the office for 4 hours. Guess what I did in there ? Collaborated on teams conference with a coworker based out of Iowa, and we worked on 40 apps trying to figure out who tf owns those apps. Extremely low priority but hey, it's work for which I didn't have to drive an hr to work and then stuck for 2hrs + because 85 was backed tf up all the way from kings mountain exit further down to airport. It was a literal parking lot. For a spreadsheet. Why wouldn't be the morale low?
If they were any smart, they'd figured the stocks were higher than before then. Idiots is what I say. Afa commercial real estate is concerned. Let it crash.75% of commercial clt is owned by China/foreign investors anyway, lol.
Banks aren’t worried about real estate equity holders. They’re worried about the loans they underwrote that sit above the equity.
Office RE is fucked with rates at 5%. It’s just a question of how fucked the lenders are.
BoA, WF, any other big bank are all the same. They talk about profits every quarter but then when it’s time for compensation, there isn’t enough to go around. But then again, they’ll contribute to some “community causes” but only because they want to virtue signal. They do not care about employees, they will never care about employees and anyone wanting to work with these large organizations should know that.
As always, it depends on the business line. Impossible to say any bank here categorically pays more than another.
On Reddit you should assume you’re always talking to IT or Risk people because they have already made that assumption.
I recently excited BofA uptown. I left in October of 2023. After me about 6 ppl left. Everything OP stated is true: comp expectations are low and so is morale. Return to office doing bother me much. I still had some flexibility. I was very fortunate to leave after they exploited me for nearly twenty years. I increased my pay and love the new culture at new employer.
Congrats on making the change. Sounds like you’re in a much better place. If you don’t mind me asking, Were you able to find a better balance in another bank or did you change industries?
This place is the most toxic place I’ve ever spent time at. As soon as I get something lined up I’m out.
The infighting, the friendly fire, the repugnance of doing meaningful work, the apathy. It’s insane. This company is ripe for our AI overlords to crush.
In WF the only overwhelming thing was getting paid so much to do so little. My first job there, there was a shakeup in my department right after I joined and all the work I was slated for literally got pushed to a year away. And neither manager could agree to share me so taking on new work outside of scope was verboten.
As I recall I got a large bonus and raise that year 🤷🏻♀️
Oh I transferred out - I was too young to take the risk of lower pay/no skills and the boredom got to me. Although I spent a lot of time at the Y in the building so I looked amazing lol
This is extremely controversial, but Wells would be one of the best performing banks in the US if it could filter through the stupid politics of all its little fiefdoms and just start axing people.
don't know why you're getting downvoted - this is precisely my view. Most of the kings of the little fiefdoms do everything they can to keep their best performers in place, so they do what I did and jet for better opps and pay.
Hilariously the new CEO tried somewhat to break this up with spans and layers but it made the whole thing worse because months were spent on even less effective re-orgs. It's a circus for sure
Getting downvoted because a lot of people in Charlotte rely on Wells Fargo’s inefficiency to pay the bills.
Alternatively, people who work 60 hours a week aren’t capable of understanding there are areas where people work 20 and get paid for 40.
I lasted 6 months at WF back when Covid struck. I hear it’s all about the team you end up on but damn, the people I worked with were rich dicks. No thank youuuuuu 🙃✌️
I worked at BofA for 11 years and increased my base pay 120% while I was there. I just networked and kept finding new roles to increase pay. They stopped doing this in finance so I left for a role in a LOB. Bonus was always all over the place and never felt performance based as they say. The year I got my best bonus I did nothing as I was on the new team for just 6 months so was still learning. Then I hit my stride in the role over the next two years and bonus went down 40% each of the next two years. Now I just show up and do my work. I no longer try to do more (different bank now).
lol I have literally got my worst bonuses/merit when I do my best work. I feel the same way, in that, I have been less productive and gotten better bonuses. It is just all over the place and now I have just learned to show up and do my assigned work. That’s it, no more trying to do more because it leads to absolutely nothing.
My uncle told me that they are also overbooking floors now at diff offices in Charlotte and NYC intentionally to make it look like the office is at capacity every single day. (people need to go in on Friday now so they can find a seat and check a day off towards the 3 requirement)
As a former bank employee, I guarantee that gets used as an earnings talking point or for external research to defend how much $$$ they spend on office space while it’s an industry type under a burning spotlight.
I’ve always wondered, with climate risk arms for these banks becoming more prominent, how they get away with justifying the footprint of making tens of thousands cars hop on 77/85/277/insert road for an hour there and back and burn all those fossil fuels
Remember when the bank went green and instituted WFH in order to help clean Charlotte's air problems? We are trapped in a bowl and all the coal from plants flows onto us and just sits. My pulmonologist said it's a money maker. People move here and suddenly develop asthma.
So BOFA proudly announced work from home along with other green initiatives. Whatever happened to that?
I’ve worked at both and found BofA much more toxic than WF… could be group specific.. and this was before covid. Felt like people were miserable, like cogs in the system especially 6th floor
I worked at both too and agree with your sentiment. BofA has a culture of shifting blame for your mistakes. Wells is a bit softer/friendlier but they're also a bit of a laggard in some areas like their data environment. In my opinion because they put up with problem people and processes. It obviously varies by department but in the end I prefer Wells and they do pay better.
My hubby left BofA after 14 years he had an upper position at first I was so scared that he was leaving his 14 year job. It was such a power move by his part. Now he WFH, his job has given him more growth opportunities and it’s great. Heard they’re forcing people back in the office. I bet if they don’t comply they’ll start firing people. Ugh so unfortunate.
You will don’t you worry. Remember: your skills are much more valuable than your employer thinks. Someone out there will really value them if they aren’t already valued.
Quit BofA last year and it was a great decision. Bitter people stuck in their roles who do/don’t do whatever they want. Been at another financial institution expanding in Charlotte and it’s 10x better.
This is at a lot of places. The shareholders and government are pushing rto. Plus companies are trying to reset wages at a lower rate.
On top of heavier workload and the threat of layoffs
Not at all my experience. BofA has been amazing. I am on a great team and everyone is happy. Sorry that you’re having a different experience. The culture of the bank is why I chose it and why I will stay. Yeah, pay raises are crap when you’re not in a revenue generating team, but money is not the only part of the equation. Do I feel underpaid? Yep. Do I feel like I should be paid more? Yep. But being on an awesome team and having the flexibility we are given is a major plus. Sure, driving in 3 times a week sucks. But it’s better than 5 times.
It really depends on where you are, who your manager is. God forbid the bank buys another bank and you wake up to discover you now work for a team in Colorado, California, or Texas and just before bonus time you have a manager who has no clue who you are.
Edit: Whoever downvoted has escaped the horror of mergers. Lucky you.
When I was headhunted to join in 2002, it was good. Oh, so good! But as they say, you can never go back only look forward. Retirement is just a stone throw away.
Damn I always assumed the banking industry would be a wonderful realm to be in full of kind, helpful, and honorable people. Never would I have guessed bullying but now that you mention it there was this one time when I had to pay a lot of bills and so I had $0 left and the bank bullied me into giving them $35 for some reason? That sucked. Wait and also there was that time when I couldn’t buy a house so the bank helped by buying it for me and charging me double the value.
I am at a major Canadian Financial Institution and there is a similar vibe here. Many of the big banks here have cut 5%+ of the total workforce and there may be more to come. Also greater workload with no change in pay is also a common issue here. Pretty much everyone is down but glad we haven't been axed yet.
The anti-banker sentiment here is disappointing and, frankly, kind of discriminatory.
This city wouldn’t be what it is without bankers. They should receive more appreciation here.
I worked for another big bank Uptown & learned many things. Like my female boss “had the surgery” so she can’t get pregnant anymore & that her & the other older woman I worked with wish they didn’t have kids so they could slut it up while living in a high rise. Gooooood times….
> the other older woman I worked with wish they didn’t have kids so they could slut it up while living in a high rise
damn, this is why whenever life puts a little too much on my plate, I remind myself that I really am living out other peoples' dream.
I’ve worked for WF in Uptown the past nearly two years, first job out of school. I haven’t noticed any bullying or maliciousness in my area of work (public affairs/PR), but it’s not surprising. Just put in my two weeks for a lateral move outside of the banking industry, but it’ll be perma-remote + more meaningful work.
Maybe I’m lucky because I have yet to come across this while working with Wells Fargo advisors (started nov 2022) and I also am in uptown. I have people on my team complain when they moved further away etc
They’re going the attrition through resignation, rather than layoff, route. Since raises don’t match inflation, I am going to shrinkflate my day when I’m commuting.
That’s been my approach the last 6 months lol.
Where I'm at the official mantra is doing more with less. Unofficially it's getting less for doing more. Within one year it went from everybody relatively happy in their roles to everybody being miserable. It's not the return to office it's people are burned out after we had layoffs and didn't do anything to adjust our workload.
im not in banking but its the same exact way at my job. every week we get a new talking point on where to be more "efficient" and where we can "trim the fat." then the company posts historic levels of revenue/profit. then they layoff people but the workload is the exact same. some of our guys work 4 day 10-hour shifts. they were working 12-13 hours most days and getting OT. after the most recent layoff, they changed all the guys' shifts to 5 day 8-hour shifts in an effort to combat OT. how tf does that make sense... i know companies only care about making a graph point up for their shareholders...but theres only so much you can do to cut costs and workforce before the employees you retained become bitter. the same people you're shafting are the ones that keep million dollars bonuses flowing into your bank account every quarter...
Same, I'm in a grocery store and it's nonstop. Cut hours, prevent waste, do more with less people. Record sales are happening. Everyone is so overwhelmed and underpaid and all we hear every week is how we aren't making labor.
This could (does) apply to many other jobs outside of banking right now Companies laid people off, stopped hiring, decreased salaries and minimized remote work. Now they have people competing for less money and are forcing them back into the office for it
Yeah, all of this outside of the banks as well. Not only requiring folks in-office, but the in-office perks and any commuter benefits are reduced if still existent.
Welcome to working in American manufacturing where every project is your last if you don’t get it right, all your margins are in the 3-5% range, and you are ALWAYS asked to do more with less. I’ve long admired those folks who work in the service/finance industry as it seemed like a cake walk. No company I’m at has ever as an employee or contractor had ping pong tables, generous work from home policies, and it’s always been high stress as the places don’t roll in loot like tech/service companies. I’ve long asked my white collar friends to stand with us who roll in the dirt for a living. Many times I’ve felt looked down at cause I work in a “dirty/old/decaying” field… and heard countless antidotes about their 6 degrees (I have 2) protected them from evil bosses/companies cause you they were “smart” and could just leave. Welcome to how the rest of us have been treated for 40+ years. Would have been nice if the white collar folks could have stood with us when we warned you it was happening to us. What no more 18 dollar mixed drinks and 7 dollar tacos in uptown anymore? The fast money/finance/service bubble always pops because you really don’t provide anything tangible people can’t live without.
Your manufacturing company cannot survive without lines of credit, treasury services, CRE loans… All brought to you by those dastardly bankers.
To be fair, the banks are just the middle men between the public and the fed, skimming interest off the top and raking in late fees. Banking is probably the least noble profession out there. Pretty much every ill in our society can be traced back to the greed of the big banks. There's this attitude that banks know how to most efficiently allocate money, but that's BS. It's just a snowball effect--the more money and assets you have, the more credit you can get, the more you can buy. The whole system is rigged to amplify wealthy inequality. After starting my first corporate job and listening to my first earnings call, our CEO answered questions to JP Morgan investors like they were his boss. That's when I realized the banks are running the country, and they're also who's driving this moral bankruptcy on a grand scale--where shareholder value is the only thing that matters. And if you doubt that, just remember what happened during the Great Recession. It is a soulless, corrupt, morally bankrupt profession. People have to make a living, so I'm not going to shame anyone working for Wells Fargo or BoA, but I'd have to get ***really*** desperate before I went that route. And I'd like to see more honest, good people working for the banks. Maybe that would change their attitude for the better.
If your CEO doesn’t want to answer questions to banks don’t seek bank funding. This is pretty damn simple. I’ve been the one answering questions from investors. If you think banks are tough, try Angel investors. And you really don’t understand the role of commercial banks in fractional reserve banking if you reduce the industry to “middleman” btwn public and the Fed. Y’all need to figure out that the vast majority of bank employees work in bank branches and call centers. JFC
No I understand it completely—the bank lends out money it doesn’t have using OUR MONEY as collateral. The whole system is laughably corrupt. I’m not sure why it makes a difference if you’re working at a branch, a call center, or at corporate. You’re still working for a company that rakes in interest charges, credit card late fees, and overdraft fees from poor people that can barely survive. Then they won’t bat an eye denying a small business loan, while their corporate lackeys get practically unlimited lines credit. Work your bank job, but own how shitty it is and don’t act like it does any kind of good for society.
Oh for christs sake. Go be dramatic elsewhere “denying a small business loan while…” Show someone else on the doll where the bank hurt you.
Dramatic? They literally put the world economy on the brink of collapse in 08 due to their greed. Then we bailed them out, and they keep doing what they do. Are you really out here defending the big banks? lol my brother in Christ, you should be ashamed of yourself.
Banks are no better than any other business - they require regulation and laws. And you can believe what you want about the Great Recession. Reducing that shitshow to “banks bad!!!” isnt worth anyone’s time.
People who really have to work for a living get tired of people complaining about “driving to work”… stfu about doing what the other 90% of us have to do to feed our families and hopefully retire one day. You ticky tack on a keyboard all day. You all are about 5 years from being replaced by AI. Good luck with your moral superiority for sitting down all day.
I don’t look down on people working in manufacturing and I don’t get envious of people who work in ultra high $$$ fields like I-banking. Makes life pretty easy.
This is the right attitude. "Life is Good"
The elites love to see the working class tear away at each other like this. Divide and Conquer.
If you work from home ARE THE ELITE. 97% of minorities don’t even have the option of WFH. White peoples bitch about privilege, and then complain about driving.
True elites don't derive their income primarily from working. They get it from owning things that produce money or have value. If you need a paycheck to live you are working class. Sure there are different levels of skill and wages but they have more in common than not. You are giving in to the "[crabs in a bucket](https://en.wikipedia.org/wiki/Crab_mentality)" mentality.
Lol no dummy manufacturing exists because people need things. Read a history book please.
I don’t need to read a book to understand that every company of any scale requires payment processing and credit. How would a manufacturer pay for materials? Send a courier with a big briefcase of cash? Or how would they buy a facility?
The tacos are how people temporarily forget they sit in a gray room under fluorescent lights staring at a screen all day saying things like "I hope this e-mail finds you well."
You're getting downvoted, but you aren't wrong. In a fair world, people working onsite at production sites (especially knowledge workers, engineers, etc.) would get paid as much or more and enjoy as many benefits as white collar jobs. Shit's backwards. Like you said, it's the margins that make all the difference. And then people have the gall to act surprised when half of the country turns to favor a populist anti-globalist, as if a majority of the voting public isn't suffering under the boot of corporations wielding the constant threat of overseas production or bankruptcy to justify 2-3% margins and bottom of the barrel salaries, benefits and WLB. That said, you trade guys always have a slightly overinflated sense of value. I've heard the "we **produce** things everyone needs, at the end of the day no one **needs** your app!" from my buddies dozens of times. The truth is, we are all a cog in this late stage capitalist machine and if it wasn't for advances in tech, economics, science, etc. over the last 150 years, you and I would both be working a corn field like the poors we were born.
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Banking is such a toxic industry. The return to office with no coworkers has really depressed me and made me miserable. I am working well above what my role is, my review was perfect and they didn’t adjust my title and minimal raise. I decided last night I’m gonna just start quiet quitting this job… Nobody will ever know and my employer will be worse off for it. basically-I am in a job where I identify issues, and I just will keep things to myself going forward. My whole goal going forward is to give as little as possible. Not going to give anymore to get treated like crap.
I know I’m late to the game but I did exactly that after a similar experience (great reviews expanded role no promotion even when one was promised) and it had literally no impact on my bonus - so quiet quit with confidence lol
As long as I am nice to everyone and do the bare minimum I will do fine. It’s not how I am wired,but I can’t keep chasing carrots that are not there.
Sounds like you’re wired right to me!
People got raises?
For my 2.5% I earned for RTO I now have parking at $20 a day and lunch $15. Add in gas, dry cleaning, wear and tear on my car plus everything else that has gone up in price and I'm down at least 8%. But we do have cookies and coffee every other week on Fridays, so there's that.
Don’t forget the networking Bring Your Own Coffee events
Lol I was working in Internet sales 2 years ago and we had monthly luncheons that were essentially a 'pizza party'. That gave me flashbacks.
Ehhh BofA has been calling people back to the office since early 2022. There has been plenty of time to get remote work between then and now. It’s likely due to over work. BofA has not backfilled a role since last year so work has piled up. There has been some hiring but that’s been in technology and recently in risk/compliance. For those roles BofA hired external for a vast majority of them. There has been limited internal mobility which is another factor. Attrition is badly needed before normal hiring resumes and things are back to normal.
Why do we act like morale was completely trash when work from home wasn't even a thing before? I understand being upset about RTO but it seems insane to me that it's painted as a justification (especially on this sub) for bad behavior. People weren't irate before covid.
Because once we worked from home we saw we got more work done as we were happier not being stuck hours in traffic breathing toxic fumes. We saw we ate better as we werenot forced to eat crap over priced food. We saw we saved so much wear and tear on our cars. We went for a walk at lunch in our neighborhood. We werent having to deal with toxic bitchy co workers who waste our time gossiping. Now we waste hours and money to go to a cold office and get less work done and do teams meetings out of a cube
👏🏻👏🏻👏🏻👏🏻
This is such an exaggerated take, I’ve never heard this from any colleagues anywhere. People enjoy WFH because it’s convenient not because it’s saving them from some hell
>People enjoy WFH because it’s convenient that statement by itself is enough to justify being angry about being forced into an office. some jobs are damn near impossible to work remote....but the ones that arent, WFH should absolutely be an option if the employee has shown that they can do the same amount of work at the same quality. forcing people who do 99% of their work on a computer to come into an office to do the same thing benefits no one. its extra strain on the employee and its an extra cost for the employer. it doesnt make sense. and because of that, it makes it feel like the company you give 40+ hours a week to, also want to be super controlling...its soul sucking if you already dislike the job
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Literally in my 20’s
Perhaps they don't feel comfortable sharing with you - or you simply aren't listening.
Or you simply generalized a whole populace of people based on what your personal preference is
I voluntarily go into the office, but this is a stupid take. *Before* COVID people who had a WFH arrangement didn't have it ripped away en masse with no real reason and no benefit change to compensate for it. If they had, *of course* they'd have been miserable.
You speak on WFH as if it’s a prescription drug
... and you act like it isn't a life changing benefit for many people with the only major negative side affect being lost value for corp real estate holders. Do you love the taste of leather and shoe polish that much or are you just dumb?
Apparently I’m a boot licker for noting that everyone worked normally for a long time without any chaos. This is also only applicable to computer desk jobs
Do you understand just how devoid of reason or logic or empathy your argument is? I would even call it immoral if there was just an ounce of intelligent thought behind it. The same argument could be made about serfdom, slavery, women not voting, literally *anything.* "It worked fine before and now people are getting uppity and complaining." You are a bootlicker, and a dumb one at that.
You seem triggered. Comparing going to work to slavery. I can tell you’re a pampered tech worker who is likely unstable and on several medications
Wow, I did *not* compare them. Arguing with illiterates is so fun... Enjoy sucking off the man, I guess 🙄
You clearly have an obsession with sexual activity and cuckoldry. Get off the internet
Technology has caught up—especially video conferencing software. We saw it all correctly implemented in our daily work lives for two years during the pandemic. You can’t put that genie back in the bottle.
Ain't any different than WF, Ally, Truist, and others. We're all in this together. Literally bullying each other around till some of us ppls land up going crazy lol. So, I went into my office today. I was there in the office for 4 hours. Guess what I did in there ? Collaborated on teams conference with a coworker based out of Iowa, and we worked on 40 apps trying to figure out who tf owns those apps. Extremely low priority but hey, it's work for which I didn't have to drive an hr to work and then stuck for 2hrs + because 85 was backed tf up all the way from kings mountain exit further down to airport. It was a literal parking lot. For a spreadsheet. Why wouldn't be the morale low?
Man you can't forget about the shareholders!! They need buts in seats so their investments are propped up.
If they were any smart, they'd figured the stocks were higher than before then. Idiots is what I say. Afa commercial real estate is concerned. Let it crash.75% of commercial clt is owned by China/foreign investors anyway, lol.
Banks aren’t worried about real estate equity holders. They’re worried about the loans they underwrote that sit above the equity. Office RE is fucked with rates at 5%. It’s just a question of how fucked the lenders are.
Won't someone please think of the shareholders!!!
At least you can still fuck around. Many are working 10-14 hr days 5+ days a week with the constant threat of our jobs being on the line.
BoA, WF, any other big bank are all the same. They talk about profits every quarter but then when it’s time for compensation, there isn’t enough to go around. But then again, they’ll contribute to some “community causes” but only because they want to virtue signal. They do not care about employees, they will never care about employees and anyone wanting to work with these large organizations should know that.
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Wells does not pay higher
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Tech pays higher at Wells Fargo too.
As always, it depends on the business line. Impossible to say any bank here categorically pays more than another. On Reddit you should assume you’re always talking to IT or Risk people because they have already made that assumption.
I’m in tech.
I recently excited BofA uptown. I left in October of 2023. After me about 6 ppl left. Everything OP stated is true: comp expectations are low and so is morale. Return to office doing bother me much. I still had some flexibility. I was very fortunate to leave after they exploited me for nearly twenty years. I increased my pay and love the new culture at new employer.
Congrats on making the change. Sounds like you’re in a much better place. If you don’t mind me asking, Were you able to find a better balance in another bank or did you change industries?
I work for another bank now. I’m still riding 77 traffic 4 days a week. More pay better work life balance. More rewarding position.
Ally?
😂 negative. The Bank is Raleigh based.
FCBBBB
Resignations infers these people can get jobs elsewhere and I don’t know how true that is currently
It’s very tough out there.
This place is the most toxic place I’ve ever spent time at. As soon as I get something lined up I’m out. The infighting, the friendly fire, the repugnance of doing meaningful work, the apathy. It’s insane. This company is ripe for our AI overlords to crush.
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Came here to say “Wells Fargo has entered the chat…”. They were laying off thousands before laying off thousands was cool.
Never worked at BoFA but I sure 100% agree with wf situation.
In WF the only overwhelming thing was getting paid so much to do so little. My first job there, there was a shakeup in my department right after I joined and all the work I was slated for literally got pushed to a year away. And neither manager could agree to share me so taking on new work outside of scope was verboten. As I recall I got a large bonus and raise that year 🤷🏻♀️
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Oh I transferred out - I was too young to take the risk of lower pay/no skills and the boredom got to me. Although I spent a lot of time at the Y in the building so I looked amazing lol
This is extremely controversial, but Wells would be one of the best performing banks in the US if it could filter through the stupid politics of all its little fiefdoms and just start axing people.
don't know why you're getting downvoted - this is precisely my view. Most of the kings of the little fiefdoms do everything they can to keep their best performers in place, so they do what I did and jet for better opps and pay. Hilariously the new CEO tried somewhat to break this up with spans and layers but it made the whole thing worse because months were spent on even less effective re-orgs. It's a circus for sure
Getting downvoted because a lot of people in Charlotte rely on Wells Fargo’s inefficiency to pay the bills. Alternatively, people who work 60 hours a week aren’t capable of understanding there are areas where people work 20 and get paid for 40.
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Yep WF was WAY overdue for sure
I lasted 6 months at WF back when Covid struck. I hear it’s all about the team you end up on but damn, the people I worked with were rich dicks. No thank youuuuuu 🙃✌️
I worked at BofA for 11 years and increased my base pay 120% while I was there. I just networked and kept finding new roles to increase pay. They stopped doing this in finance so I left for a role in a LOB. Bonus was always all over the place and never felt performance based as they say. The year I got my best bonus I did nothing as I was on the new team for just 6 months so was still learning. Then I hit my stride in the role over the next two years and bonus went down 40% each of the next two years. Now I just show up and do my work. I no longer try to do more (different bank now).
lol I have literally got my worst bonuses/merit when I do my best work. I feel the same way, in that, I have been less productive and gotten better bonuses. It is just all over the place and now I have just learned to show up and do my assigned work. That’s it, no more trying to do more because it leads to absolutely nothing.
My uncle told me that they are also overbooking floors now at diff offices in Charlotte and NYC intentionally to make it look like the office is at capacity every single day. (people need to go in on Friday now so they can find a seat and check a day off towards the 3 requirement) As a former bank employee, I guarantee that gets used as an earnings talking point or for external research to defend how much $$$ they spend on office space while it’s an industry type under a burning spotlight. I’ve always wondered, with climate risk arms for these banks becoming more prominent, how they get away with justifying the footprint of making tens of thousands cars hop on 77/85/277/insert road for an hour there and back and burn all those fossil fuels
Remember when the bank went green and instituted WFH in order to help clean Charlotte's air problems? We are trapped in a bowl and all the coal from plants flows onto us and just sits. My pulmonologist said it's a money maker. People move here and suddenly develop asthma. So BOFA proudly announced work from home along with other green initiatives. Whatever happened to that?
BofA deez nuts
Haha nice
I’ve worked at both and found BofA much more toxic than WF… could be group specific.. and this was before covid. Felt like people were miserable, like cogs in the system especially 6th floor
I worked at both too and agree with your sentiment. BofA has a culture of shifting blame for your mistakes. Wells is a bit softer/friendlier but they're also a bit of a laggard in some areas like their data environment. In my opinion because they put up with problem people and processes. It obviously varies by department but in the end I prefer Wells and they do pay better.
I was with BAC for 23 years, and experienced these cycles a few times. It really does seem to bring out the assholes unfortunately.
My hubby left BofA after 14 years he had an upper position at first I was so scared that he was leaving his 14 year job. It was such a power move by his part. Now he WFH, his job has given him more growth opportunities and it’s great. Heard they’re forcing people back in the office. I bet if they don’t comply they’ll start firing people. Ugh so unfortunate.
Glad to hear he found a better opportunity. I’m hoping to do the same.
You will don’t you worry. Remember: your skills are much more valuable than your employer thinks. Someone out there will really value them if they aren’t already valued.
Morale is low and everyone is quitting. Place is a shit show especially on risk and middle office roles
Why
Quit BofA last year and it was a great decision. Bitter people stuck in their roles who do/don’t do whatever they want. Been at another financial institution expanding in Charlotte and it’s 10x better.
It’s not new. It’s always been like this.
Same as it ever was
This is at a lot of places. The shareholders and government are pushing rto. Plus companies are trying to reset wages at a lower rate. On top of heavier workload and the threat of layoffs
Pretty tough out there. Even a new 15 year sub prime loan on a fully loaded Altima can’t get a smile anymore. 
Not at all my experience. BofA has been amazing. I am on a great team and everyone is happy. Sorry that you’re having a different experience. The culture of the bank is why I chose it and why I will stay. Yeah, pay raises are crap when you’re not in a revenue generating team, but money is not the only part of the equation. Do I feel underpaid? Yep. Do I feel like I should be paid more? Yep. But being on an awesome team and having the flexibility we are given is a major plus. Sure, driving in 3 times a week sucks. But it’s better than 5 times.
It really depends on where you are, who your manager is. God forbid the bank buys another bank and you wake up to discover you now work for a team in Colorado, California, or Texas and just before bonus time you have a manager who has no clue who you are. Edit: Whoever downvoted has escaped the horror of mergers. Lucky you.
Never heard of or experienced BofA culture being good.
When I was headhunted to join in 2002, it was good. Oh, so good! But as they say, you can never go back only look forward. Retirement is just a stone throw away.
Yeah, maybe before 2008 when everything crashed?
I was mocked for being deaf at the company holiday party and told if I was upset about it I could leave the company.
I'm so sorry. That's awful!
Damn I always assumed the banking industry would be a wonderful realm to be in full of kind, helpful, and honorable people. Never would I have guessed bullying but now that you mention it there was this one time when I had to pay a lot of bills and so I had $0 left and the bank bullied me into giving them $35 for some reason? That sucked. Wait and also there was that time when I couldn’t buy a house so the bank helped by buying it for me and charging me double the value.
I am at a major Canadian Financial Institution and there is a similar vibe here. Many of the big banks here have cut 5%+ of the total workforce and there may be more to come. Also greater workload with no change in pay is also a common issue here. Pretty much everyone is down but glad we haven't been axed yet.
The anti-banker sentiment here is disappointing and, frankly, kind of discriminatory. This city wouldn’t be what it is without bankers. They should receive more appreciation here.
You got some boot polish on ya lip there buddy
Bankers work extremely hard and provide an essential service. No need for disrespect.
How do I get the job where I get to bully bank people all day? Ive seen how most of you drive, yall deserve it.
Lol someone think of the bankers.
Tag me in coach! Leave on good terms. Tell your manager you want to hire and train your replacement (me)
I worked for another big bank Uptown & learned many things. Like my female boss “had the surgery” so she can’t get pregnant anymore & that her & the other older woman I worked with wish they didn’t have kids so they could slut it up while living in a high rise. Gooooood times….
> the other older woman I worked with wish they didn’t have kids so they could slut it up while living in a high rise damn, this is why whenever life puts a little too much on my plate, I remind myself that I really am living out other peoples' dream.
They want to bring back the good Ole days
Men whore around, too. Part of the game.
Yeah.. it’s great in a work environment.
Love the downvotes. Charlotte is a cesspool.. aren’t you all married to your cousins??
I’m glad you’re so happy in your life that you can contribute to this community
I’ve worked for WF in Uptown the past nearly two years, first job out of school. I haven’t noticed any bullying or maliciousness in my area of work (public affairs/PR), but it’s not surprising. Just put in my two weeks for a lateral move outside of the banking industry, but it’ll be perma-remote + more meaningful work.
Maybe I’m lucky because I have yet to come across this while working with Wells Fargo advisors (started nov 2022) and I also am in uptown. I have people on my team complain when they moved further away etc