WF SA Intern Compensation Change
Anyone have thoughts or insight to the OT changes? Maybe someone full time might know what exactly it is?
Edit: How SA2027 is getting paid summarize by GPT
IB SA comp uses the “fixed salary + half-time OT” method. You get a weekly salary ($2,115) that already covers all hours worked, then for hours >40 you only get an extra 0.5× your calculated hourly rate (weekly salary ÷ total hours). So if you work 80 hrs: $2,115 ÷ 80 ≈ $26.44/hr, overtime premium is 40 × 0.5 × $26.44 ≈ $529, total ≈ $2,644/week (~$33/hr effective). Over 10 weeks that’s ~$26k + $2.5k stipend ≈ $28.5k pre-tax.
At 80 hours a week it would have been 53,000 for 1.5x OT
Just saw that email, not happy
Does that mean we’re the same as GS Now?
I guess so. At least we get to go to Disney!
What the fuck is half time over time pay
0.5x normal hourly
Is this legally allowed?
So fucking ridiculous. The audacity to send a revised offer letter a year later to just change compensation…if you worked 70 hrs a week, that changes total comp by 16K
Full-times, can you chime in?
Yeah I’m a full time so I can shed some light here…. Get fucked pussy
Wtf are we going to tell you? I’ll try to grab some time with Charlie today to see if he can intervene.
Just to make sure I'm reading this right, we are getting half of our normal base pay when working overtime instead of 1.5x? So we are losing out on tens of thousands of dollars???
Yep
So now what?
EVERYONE SEND A COMPLAINT EMAIL BACK. LET’S REVERSE THIS. THEY CAN’T CHANGE AN OFFER LETTER A YEAR LATER.
They can do whatever they want buddy
Have fun getting offer pulled
Kashmir and Wang are in the midsts of their onboarding process to replace you as we speak
To confirm so for 40 hours yall are getting say 40$ an hour (arbitrary number) and then for the next 40 hours you are getting 20$ an hour?? Not 40$ or 60$ an hour?
$60, they can’t lower your salary for working more. Before it was $100
Bro what? Our rate was 53/hr for first 40 then was 79.5/hr for anything over
WF interns feeling the pain GS interns have had forever. Wish NY was like CA in banning this penny pinching move
Confirming this is the case with no changes. Shame the kid I helped out will likely be reneging now.
Are 2027 summer analysts getting this written into their contracts?
Del
I ain’t signing the new contract
Have other banks done this in the past? Lowering compensation a year after giving offers
I know of 2 kids who are reneging and a third who is considering. They need to realize that top pay was a factor in a lot of students' decisions. Completely fucked to change an offer letter from last year.
What are they going to do instead? Surely every other opportunity has passed
Think they deliberately waited a year to announce this so ppl can't renege for other offers cuz they are all gone
No way anyone is reneging this late lol that’s why they announced it now. This is prob just an incoming trying to scare WF on WSO - they ain’t on WSO bro
Just reneged for an RBC offer
Good riddance
Congrats on Cornell!
You’ve got the wrong guy bud
The retarded ass WF shills still gonna find a way to defend this hahahaha
But Disney is so much fun!
Asked chatGPT and this is what it says:
Sometimes the wording “halftime hourly rate” can confuse people.
It does not mean half your pay.
It means half extra added on top of your regular rate:
Regular rate + 0.5 × regular rate = 1.5 × regular rate
Did the same, so thought nothing is changing?? Would want some clarity on this tbh if anyone could reach out to HR
Wait so are people just reading the contract wrong lol?
Why would there be a new contract if "halftime hourly rate" = 1.5x and not 0.5x?
SA at BB with 1.5x here, take it like a good boy!
hello citi coworker
Wrong one
Theres no way theyre paying us less for OT, right? Right??
Since when did interns get fkn OT pay, has this always been a thing.
All the cali interns are making 1.5x OT
Could be worse, you could be a BoFA SA with mid 30s base and mid 40 OT
EBs may 120k prorated + 5k signon. stop complaining about small trivial things. money will come if your good, focus on being good. fuck 10k, when ur 60 and ur actually good at your job, 10k won't even a rounding error. just stop complaining. you cant control shit either way anyways.
WF SA 2026. did not get this email, who does this apply to?
Check spam/what location are you
Charlotte/Miami/Houston
unrelated, but do y’all know when we are hearing back for placement?
Not sure would love for others to chime in
Early March they said
Friday
Really? I thought it was sometime in march
GS does the same lol. Never heard of .5x overtime.
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