The $1.9 trillion company notified U.S. employees this week that they are eligible for special cash incentives if their wages last year were less than $75,000 and their total cash compensation was less than $85,000. Additionally, employees must meet certain standards related to job performance and conduct.
Some international workers are also eligible, but workers in India and the Philippines are eligible only if they earn no more than $25,000 a year.
“Our employees worked hard last year in branches, over the phone and in our operations centers to serve our customers, or support those who did, making a real difference to our company and our customers,”
Joe Hertz, for
He said Hertz has been with the San Francisco-based bank for about 22 years and the only time Wells Fargo has issued similar incentives to employees was during the COVID-19 pandemic and under different circumstances.
Hertz joins union efforts
“I think it’s a direct response to our union efforts,” Hertz, an associate analyst at the bank, said in an interview. “I think we more than deserve credit. I think we deserve credit.”
Hertz elaborated in a Facebook post, saying he believed the payment showed Wells was feeling pressure from the labor organizing movement.
“They are trying to buy our loyalty with one-time bonuses. They want us to forget our grievances and abandon our union. They are wrong,” Hertz wrote.
In recent months, workers at both factories
Nick Weiner is senior campaign director for the Council for Better Banks, which is leading the unionization drive
Weiner also said
“So this is actually a positive development that we appreciate,” Weiner said. “They’re not trying to use it to discriminate against union branches, which is somehow illegal.”
The bank announced a one-time bonus the same week
The bank’s board members voted to approve Scharf’s total compensation at $29 million, up from $24.5 million in 2022.
“While the company’s performance has improved and significant progress has been made, Mr. Schaff continues to believe negative discretion is appropriate to emphasize that more work remains to be done.”