Wells Fargo IB Intern OT Structure — Has the Policy Changed?
Hey everyone — hoping someone with recent Wells IB intern experience can weigh in.
I recently received an updated offer letter for a Summer Analyst IB role and noticed the compensation structure is framed differently than I expected.
Originally, I was under the impression that interns were paid hourly (~$53/hr) with overtime at 1.5× for hours over 40.
The updated letter now outlines compensation as a fixed weekly salary ($2,115) with overtime paid at “one-half of the regular rate” for hours over 40. The regular rate is calculated by dividing the weekly salary by total hours worked that week.
From what I understand, that structure is legally compliant under the fluctuating workweek method, but practically it means the effective OT rate decreases as total weekly hours increase, since the “regular rate” shrinks as hours go up.
So instead of a clean $53 × 1.5 = $79.50 OT rate, it’s effectively straight-time built into the salary plus a 0.5× premium.
Has Wells changed how they structure intern overtime? Or has it been this salary + half-time model for a while?
Womp womp, get to work intern
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