Why is Wells Fargo employment so attractive for millennials? Well, firstly there’s the name. Wells Fargo is a well-known, prestigious bank that people trust. Second of all, there’s the room for movement. Covering various financial services, as well as having stores across the world, there are plenty of opportunities to get your foot in the door. Thirdly, from bank tellers to financial advisers to personal bankers, there’s a plethora of jobs to choose from.
But what is Wells Fargo employment really like?
According to Glassdoor, a website where current and former employees can anonymously review their jobs and management, Wells Fargo’s CEO has a 78% approval rate, and 60% of employees would recommended working at Wells Fargo. Pretty high numbers, right? Can’t blame millennials for wanting to work there! To double check what Wells Fargo employment is really like, I went through the 10.0k reviews on Glassdoor for you and summed up the pros and cons of the most popular positions.
Bank Teller – those (hopefully always) friendly people you deal with behind the counter upon walking into a bank.
Pros
A lot of the reviews mention there is plenty of potential to grow and network if you start out as a teller. Additionally, you receive great benefits, as well as holidays and Sundays off.
Cons
There is no flexibility when it comes to the number of sales that is expected of you per day, regardless of what city you live in. Additionally, the training seems to be long and intense. Starting pay is only $11.50, and if you are part-time you are not allowed to work more than 15 hours per week.
Personal Banker – those responsible for both performing banking duties while also overseeing the financial activities for people’s personal accounts.
Pros
There are great benefits such as a high 401K match as well as paid time off. Additionally, being able to move up in the ranks is easier as Wells Fargo likes to hire internally.
Cons
There’s great sales pressure, and many employees even state that the goals of the company are unrealistic. My favorite review? “If you can turn off your morality and sell unnecessary products not beneficial to the customer, you’ll do well.”
Service Manager – it’s right there in the name: service. those that oversee various different departments such as customer services, switchboard (if applicable), main bank safe deposit coordinator, and the ATM/Debit card coordinator.
Pros
Great benefits are also found in this position, as well as the opportunity to grow assuming you stick around long enough.
Cons
Once again, sales goals are hard to hit and unrealistic (sensing a trend now?). Commission has also supposedly decreased recently, and there are a lot of politics in this position. One reviewer even writes that the salary is not worth the pressure.
Home Mortgage Consultant – those that help both businesses and individuals in need of loans to purchase or refinance a house.
Pros
There’s great potential business from already existing clients, however that seemed to be the only positive of this position. One Home Mortgage Consultant was kind enough to simply write “free coffee and sometimes bagels” as his only positive.
Cons
Realtors dislike Wells Fargo, which can make work a bit difficult. Additionally, the processing and fulfillment is slow, which can make hitting closing dates a nightmare.
Financial Advisor – those that help clients with various financial services such as investments.
Pros
You are provided with a great training, as well as a great learning experience. The reputation of the firm doesn’t hurt either, especially while trying to recruit new clients.
Cons
Wells Fargo is described as “fixated on profit” and a bureaucracy. There is a corporate, rigid structure. My favorite description was “you eat what you kill.” Take that as you may folks. Also, get ready for cold-calling! Isn’t it great to be back in 1999?
Credit Manager – those that make decisions regarding credit limits and terms of payment to customers, as well as managing the credit department.
Pros
Working in a small team will give you great opportunities as well as allowing your work to be noticed. This work can also be seen as fulfilling as you’re helping people with their finances.
Cons
Once again, you are micro-managed! Yet another trend we keep seeing in Well Fargo. Additionally, you are working long hours and a lot of the work is tedious.
If you’re looking to enter the world of Wells Fargo, I hope this was of service to you. As you can see, there are many different career paths, all with pros and cons. The potential for growth and movement seems to be a common trend regardless of your field; as long as you have your foot in the door and stick around long enough, there’ s a great chance you’ll be promoted. However, despite the job, the unrealistic sales goals and micro-management are something that you’ll have to be dealing with. You’ve been forewarned, ladies and gentlemen!
