Wells Fargo hands out $1,000 bonus

“I think this is a direct response to our union efforts,” Joe Hertz, who works at Wells Fargo in Des Moines, Iowa, said of the one-time bonus the company will pay to qualified low-wage workers.

Justin Sullivan/Photographer: Justin Sullivan/Ge

FuGuo bank Many low-wage workers were given $1,000 bonuses — one-time cash grants as the giant bank pushes for unionization.

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,” FuGuo bank “We are pleased to offer this award to certain U.S. and international employees in recognition of their efforts,” spokesperson Laurie Kight said in a written statement.

Joe Hertz, for FuGuo bank A Des Moines, Iowa, employee who was among those who received an email about the one-time bonus said he and his colleagues were surprised by the bank’s news and expected it after reading the eligibility criteria. Receive a $1,000 bonus.

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 Wells Fargo’s He attributed the bank’s decision to offer a one-time bonus to organizational activity.

“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 FuGuo bank Branch – in Albuquerque, New Mexico and Daytona Beach, Florida — Vote for unionization.Last week, employees at a branch of the bank in Atwater, Calif. Vote against unionization.

Nick Weiner is senior campaign director for the Council for Better Banks, which is leading the unionization drive FuGuo bankHe said the bank reached out before the bonuses were announced to ensure union officials were OK with workers at the two union branches receiving the bonuses. Union officials offered their blessing, he added.

Weiner also said FuGuo bank Notify union officials that the bank will not threaten to withhold bonuses from employees who vote for the union.

“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.”

FuGuo bank It was not disclosed how many employees would receive bonuses. The company had approximately 238,000 employees as of December 31, 2022, 81% of which were located in the United States, according to a securities filing. As early as 2021, Wells raises minimum wage for hourly workers from $18 to $22.

The bank announced a one-time bonus the same week It was revealed that CEO Charlie Scharf received an 18% salary increase last year.

The bank’s board members voted to approve Scharf’s total compensation at $29 million, up from $24.5 million in 2022.

FuGuo bank said Scharf should have received $30.3 million, but board members exercised “negative discretion” after Scharf asked them to do so. Scharf, who has been the bank’s chief executive since 2019, inherited a host of regulatory problems stemming from a series of scandals.

“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.” FuGuo bank said in its filing.

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