Wells Fargo Will Cut 401(k) Match for High-Paid Executives

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If you work for Wells Fargo and get paid over $250,00 Wells Fargo & Co. will eliminating the 401(k)-retirement account match.Employees making less than $250,000 will receive a 6% account match for retirement.

However, Wells Fargo did increase the minimum wage for 20,000 of  its employees depending on a location up to $20 per hour from $15. Employees in San Francisco and New York will receive the $20.00 an hour raise. Employees working in Charlotte, North Carolina, and Des Moines, Iowa will receive a $16.00 an hour wage increase.

On a brighter note, Wells Fargo  student card holders  will see a decline in costs  cut about half.  It will  expands benefits after drawing  Criticism earlier this year for  placing high fees on college campuses.

Analyst Price Target on WFC
$29.25
▲ (25.75% Upside)
Based on 11 analysts offering 12 month price targets for Wells Fargo in the last 3 months. The average price target is $29.25 with a high forecast of $35.00 and a low forecast of $23.00. The average price target represents a 25.75% increase from the last price of $23.26.Source Tip Ranks

In other news, “Warren Buffett may have cut his Wells Fargo holdings because the bank’s board went against his advice and hired a Wall Street chief as its new CEO, Bloomberg said.


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