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IPFS News Link • Central Banks/Banking

Wells Fargo Reverses Course On Ending 401(k) Match After "Swift Backlash"--

• by Tyler Durden

Wells Fargo has reversed course from a decision it made mid-week last week to stop matching 401(k) contributions for its highest earning employees. As Bloomberg notes, the decision didn't go over very well with employees and, by Friday, the bank had already reversed course on its decision.

There was "swift backlash" to the decision from affected employees. 

The affected employees earn more than $250,000 per year, the report notes, and the cut was supposed to be part of a plan to shift the bank's focus to its lower paid employees. A bank spokeswoman said the original change was supposed to put "greater emphasis on how we support our lower-paid employees through our compensation and benefits program."

She continued: "After additional review and consideration, we have decided to continue offering the 6% company matching contribution to all 401(k) plan eligible employees."