For the last 2-3 years the bank has been cutting back on its incentives programs and "capping" bankers as to how much they can make on a particular sale, i.e. bringing over investments or balances. However, they have not raised salaries in turn. I know from what I hear from those who have worked at Wells that you are capped there as well but their salaries are almost twice as high from what I have heard. At Chase, when someone asked recently on an incentives conference call nation-wide a banker pipped up and asked about the fact that people do not often receive a raise and high level upper management replied that you are in charge of your own raise through your continued hard work each year through our incentives program. Only they have significantly reduced the incentives and capped them in a way that they have never capped them before. As well, on the mobility piece within Chase, at least right now, you can move and be promoted if you hustle. But because of the low caps on what you can make, you really really have to hustle. On top of that, the company keeps going back and forth with hiring. 18 months ago there was almost a hiring freeze (or at least it seemed like that) to the point where every branch was short staffed. That is a very difficult environment to hustle in. Now they are back to hiring more but from what I have heard from those who have been with the bank for a long time this seems to be a cycle they go through every few years or so but I really cannot speak to that at length because this is the first I have seen it.
