Wells Fargo is a large banking chain with armored vehicles and a wide array of financial services.
When you want to work in the financial sector, there are many opportunities within Wells Fargo.
Understanding the pros and cons of the job can help you make an informed decision based on your position and the individual location where you’ll work.
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Pros of Working for Wells Fargo
Wells Fargo has been around for over a century, ensuring that they know what does and does not work.
As such, it can provide you with a great work environment and a lot of pros when you work for it.
1. Competitive Wages
The pay is competitive throughout all of the positions at Wells Fargo.
Depending on the experience and the actual position you are being hired for, the rate can be $12 or more.
On average, bank tellers earn $15 while relationship bankers earn $22.
As you move into some of the more managerial positions, they become salaried – and it is not uncommon to earn $100,000 or more with the company.
2. Great Benefits
Full-time employees at Wells Fargo receive a comprehensive benefits package that includes medical, dental, and vision benefits.
Preventative care services are covered at 100% and you can get benefits that cover prescriptions, mental health, and more.
There is a significant focus on well-being so that you can stay healthy and address mental and physical problems as soon as they appear.
3. Lots of Locations
Wells Fargo has locations all across the U.S.
This is a tremendous benefit as it allows you to find opportunities in a city or state where you want to live.
If you decide you want to move for family reasons, you can often find another Wells Fargo branch that you can transfer to.
It can help to keep things new and exciting.
In some instances, you may even be promoted to a new location and your moving expense will be covered.
4. Advancement Opportunities
Advancement is considerable.
You can start off as a bank teller or customer service agent and move your way up the company.
The company provides a number of education benefits, including tuition reimbursement of up to$5,000 a year.
This can help you to expand your horizons and obtain a degree that will help you to achieve the position that you want within Wells Fargo.
5. Various Discounts
Various discounts are offered to help support your financial health.
In addition to saving on Wells Fargo financial products, you will also receive discounts from major brands on such things as auto insurance, computers, gym memberships, and more.
It can add up to considerable savings throughout the length of your career.
6. Earn Tech Certificates
As you learn within your position, you will be encouraged to earn tech certificates on everything from specific software systems to networks.
These certificates are widely accepted to show that you are knowledgeable in certain subjects.
It can even be used to boost your resume to grow within the company or to seek out employment with another company.
7. Receive Quarterly Bonuses
Many of the positions available within Wells Fargo will provide quarterly bonuses that you can work toward.
If you meet the various sales quotas and other requirements for risk management and employee performance, the bonuses can be quite healthy, helping you to earn more money and increase your earnings on an annual basis.
8. Longevity
Wells Fargo was first established in 1852.
Over that time, the company has expanded significantly.
Considering that the company has been around this long, you can expect it to remain for many years to come.
It can provide you with confidence that you will have a job throughout your entire career.
You will not have to worry about it closing down – though some locations or branches may close over time, there will be other locations for you to transfer to.
9. Work-Life Balance
The work-life balance at Wells Fargo is great because you get to work the traditional “bankers’ hours” in most positions.
This means that you will not have to work nights, weekends, or holidays.
Many holidays will be paid time off, including such holidays as Memorial Day and Labor Day.
On top of that, you will also be given sick days, personal days, and vacation days.
It helps you to have a life outside of work.
10. Lots of Innovative Techs
Wells Fargo invests a significant amount of money into technology.
This allows you to work with some of the latest innovative solutions on the market.
You can also reduce the number of tedious tasks that you perform for customers because they can do it themselves with mobile apps and comprehensive website functions.
Software and hardware will be available for you to use on the job and the company will provide you with training on all of it.
11. Meet Lots of People
Regardless of the position that you’re in, you’ll meet lots of new and interesting people on the job at Wells Fargo.
In addition to employees, you will meet with various clients.
Some of the people who walk through the door will tell you about their day, their family, and more.
You will also find that many people become regulars, allowing you to form working relationships with them.
Many may become a part of your network to help you in future endeavors.
Cons of Working for Wells Fargo
Banking can be stressful as you deal with numbers and customers all day long.
Knowing all of the cons that exist on the job can help you determine if you are prepared for them to be a part of your workday.
1. Customers Can Be Brutal
You are going to have to work with customers who do not understand the fees, the technology, or even why they do not have any money in their account.
Some customers may be frustrated and angry about their financial situation and take it out on you.
The verbal abuse can be overwhelming at times, leading to a stressful and sometimes hostile work environment.
2. Degrees are Required for Higher Positions
Wells Fargo offers a lot of opportunities, but many of the higher positions will require advanced degrees.
If you are not already in possession of a bachelor’s or master’s degree when you come to work for the company, it can be nearly impossible to get HR to give you the attention needed to apply for some of the better-paying positions.
3. Locations Can Be Boring
Many of the locations around the U.S. are boring.
You will spend your entire day standing around waiting for people to come into the bank.
Depending on your position, you will see more people drive through the ATM than come in to deal with banking with you.
If you are a loan officer or a relationship manager, it can be difficult to deal with sales quotas and keep yourself busy enough to enjoy the workday.
4. Lots of Bureaucracy
Big companies such as Wells Fargo come with a lot of bureaucracy – and there is even more since you will work in the financial sector.
There will be rules that you do not agree with.
There will be checks and balances for everything that you do.
And periodically, the company will get political in such a way that you don’t want to be openly associated with them.
5. Promotions May Require You to Move
The company does promote from within.
What they do not tell you is that the position that you may get offered is on the other side of the country.
Getting promotions within the branch that you work at is nearly impossible to get – especially if you’re moving from hourly to salaried.
This can require you to uproot your entire life just so that you can accept a more prestigious position within the company.
6. Sedentary Position
Many of the positions at Wells Fargo don’t require you to do a lot of moving.
You will either be sitting at a desk or standing at a counter.
It can lead to weight gain and other health problems.
You may also be limited to how much you can walk around simply because you will need to be accessible to the clients that walk into the bank.
7. Lots of Micromanagement
The reviews of past employees say that there is a lot of micromanagement that happens inside of the bank.
There is always a manager or supervisor looking over your shoulder as you are counting money or processing an application.
One mistake can cause even more people to look at your job performance.
8. Stressful
There is a lot of stress working at a bank simply because of counting and dealing with money.
If you make a mistake, it can end up costing the bank a significant amount of money.
Depending on the customers you encounter every day and the overall work environment that is created, it can be stressful on a daily basis, making it hard to want to go back every day.
Pros and Cons of Working at Wells Fargo – Summary Table
| Pros of Working for Wells Fargo | Cons of Working for Wells Fargo |
|---|---|
| 1. Competitive Wages | 1. Customers Can Be Brutal |
| 2. Great Benefits | 2. Degrees are Required for Higher Positions |
| 3. Lots of Locations | 3. Locations Can Be Boring |
| 4. Advancement Opportunities | 4. Lots of Bureaucracy |
| 5. Various Discounts | 5. Promotions May Require You to Move |
| 6. Earn Tech Certificates | 6. Sedentary Position |
| 7. Receive Quarterly Bonuses | 7. Lots of Micromanagement |
| 8. Longevity | 8. Stressful |
| 9. Work-Life Balance | |
| 10. Lots of Innovative Techs | |
| 11. Meet Lots of People |
Should You Work for Wells Fargo?
Wells Fargo can provide you with a long-term position in a company that has been around for decades.
Depending on the position you get hired for, it can pay you well and offer you a lot of benefits.
By weighing the pros and cons of the job, you can understand all that there is to know about Wells Fargo.
Working at Wells Fargo has been a fulfilling experience for me. The professional development opportunities are abundant, and the company truly values its employees’ growth.
I’ve had a mixed experience at Wells Fargo. On one hand, the benefits and compensation are competitive, and the company is committed to diversity and inclusion. On the flip side, the organizational structure can be bureaucratic at times, leading to delays in decision-making.