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American Banker: Wells Fargo gives $1,000 bonus to its lower-paid employees

Joe Hertz a Wells Fargo employee is Des Moines, Iowa who has been actively working to organize his workplace, was recently profiled by American Banker speaking on the one-time $1,000 bonus Wells Fargo announced in an email last week that it is giving to its employees:

"[Hertz] and his colleagues were surprised by the bank's message. After reading the eligibility criteria, he expects to receive a $1,000 bonus.

In Hertz's roughly 22 years at the San Francisco-based bank, the only other time that Wells made a similar award to employees was during the COVID-19 pandemic, and that was under different circumstances, he said.

Hertz is involved in the efforts to unionizeWells Fargo's workforce, and he attributes the bank's decision to offer the one-time bonuses to the organizing campaign.

"I read it as a direct response to our union efforts," Hertz, who is an associate analyst at the bank, said in an interview. "I think not only can we take credit. I think we deserve to take credit."
Hertz elaborated in a Facebook post, saying that he believes the payment is a sign that Wells is feeling pressure from the labor organizing campaign.

"They are trying to buy our loyalty with a one-time bonus. They are hoping that we will forget about our grievances and give up on our union. They are wrong," Hertz wrote.

Read the full story in American Banker.