500 or bust?
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I agree 100% with SELLHIGH.
They should add another 30% just for making us wait like this. Call it "pain and suffering."
From an article today on DowJones NewsPlus:
At Wachovia, brokers are getting impatient at the thought that Smith Barney advisers might have a retention bonus in hand before they do, even though Wells Fargo & Co. (WFC) agreed to acquire Wachovia more than two months ago.
"I have been a broker for more than two decades and have never seen a firm buy another firm and not attempt to retain the brokers," said a Wachovia broker in the South.
A spokeswoman for Wachovia said discussions about stay bonuses are ongoing and no decisions have been made. She couldn't confirm that the brokers will receive a retention package at this point.
Wachovia's Chief Executive Danny Ludeman promised brokers news of a retention package by Thanksgiving, and then by the first week of January, several brokers said. But they still have heard no word about their bonuses.
"Danny Ludeman has been great about addressing the brokers with conference calls since the merger, but he's never given us any reassurance about our retention package," said a Wachovia broker in the Northeast. "I'm starting to think we won't even get one."
[quote=Vet20]
I agree 100% with SELLHIGH.
They should add another 30% just for making us wait like this. Call it "pain and suffering."
[/quote]You're a chump if you're letting this "wait" get to you. Do your job and go help someone.
[quote=Ferris Bueller]Would you suggest that he come here and make snide remarks about boiling frogs in order to bolster his own self image?[/quote]
Probably much easier to just come here and call people names should they utter anything that reminds you how anxious you are about your possible future as a bank broker.
[quote=Hank Moody] [quote=Vet20]
I agree 100% with SELLHIGH.
They should add another 30% just for making us wait like this. Call it "pain and suffering."
[/quote]You're a chump if you're letting this "wait" get to you. Do your job and go help someone.
[/quote] Don't be so condesending. Just because someone is concerned doesn't mean they aren't doing their jobs. That goes for anyone else that says "get back to work, or call your clients".
[quote=Danny Isadouche]
"I have been a broker for more than two decades and have never seen a firm buy another firm and not attempt to retain the brokers," said a Wachovia broker in the South.
[/quote]Did Kidder Peabody advisors get paid a retention bonus when PaineWebber acquired them? What about the EF Hutton guys when Shearson rescued them?
I'm not trying to be antagonistic by posting this...these are the closest precedents I can remember. Maybe some old timers on here would remember if there was any retention paid.
[quote=Go_Long][quote=Hank Moody] [quote=Vet20]
I agree 100% with SELLHIGH.
They should add another 30% just for making us wait like this. Call it "pain and suffering."
[/quote]You're a chump if you're letting this "wait" get to you. Do your job and go help someone.
[/quote] Don't be so condesending. Just because someone is concerned doesn't mean they aren't doing their jobs. That goes for anyone else that says "get back to work, or call your clients". [/quote]
You spelled "condescending" wrong.
[quote=Hank Moody] [quote=Go_Long][quote=Hank Moody] [quote=Vet20]
I agree 100% with SELLHIGH.
They should add another 30% just for making us wait like this. Call it "pain and suffering."
[/quote]You're a chump if you're letting this "wait" get to you. Do your job and go help someone.
[/quote] Don't be so condesending. Just because someone is concerned doesn't mean they aren't doing their jobs. That goes for anyone else that says "get back to work, or call your clients". [/quote]
You spelled "condescending" wrong.
[/quote] Typo not a spelling error. Now get back to work.
[quote=HymanRoth] [quote=Danny Isadouche]
"I have been a broker for more than two decades and have never seen a firm buy another firm and not attempt to retain the brokers," said a Wachovia broker in the South.
[/quote]Did Kidder Peabody advisors get paid a retention bonus when PaineWebber acquired them? What about the EF Hutton guys when Shearson rescued them?
I'm not trying to be antagonistic by posting this...these are the closest precedents I can remember. Maybe some old timers on here would remember if there was any retention paid.
[/quote] Did BAC pay Merrill brokers? Yes. Is MS/SB going to pay brokers? Yes.... WFC can do whatever they want. There are costs either way. One is a short term cost, the other will likely prove to be a disasterous long term cost.
For whatever it is worth, we were just told that Retention info is still a couple of weeks away. They (Danny and Co.) are in San fran next week to work on it.
If that is true, then the cold hard truth is Wells has no intention of paying retention. Too little too lateFor whatever it is worth, we were just told that Retention info is still a couple of weeks away. They (Danny and Co.) are in San fran next week to work on it.
Then why not simply say that?
I would have much more respect for a company that allays some of the anxiety that the FCs must be having by stating, months ago, that; "We are reviewing all of our options and alternatives in order to create the ideal work environment for our valued new colleagues from Wachovia Securities. While it would be great to be able to have all the information in your hands as quickly as possible, we would rather get it right than get it quick. Our committment is to provide you with complete details once we have examined the impact that the integration will have on our overall operations. We appreciate your patience, particularly in this time of such tremendous tumult and upheaval in the financial markets. Rest assured we are mindful of you and the impact that the past several months have had on your business." How tough would that have been?they won’t say that, simply because we would all say
"those rats are not paying us our retention, all you have to do is read between the lines."vs. “before Thanksgiving, uh, well, before Christmas . . . ummm, definitely right after the New Year . . . errrr, we’re hoping to have some word soon . . . yada yada yada”
The merger of MS and SB has put the full court press on WFC. Comments in front of any inked deal modeling retention packages after MER's retention put WFC in a tough spot. If they delay this much longer top end guys are going to continue to leave taking it as a sign of poor management, lack of committment to brokerage and short sighted decision making.
[quote=WSxAG]Then why not simply say that?
I would have much more respect for a company that allays some of the anxiety that the FCs must be having by stating, months ago, that; "We are reviewing all of our options and alternatives in order to create the ideal work environment for our valued new colleagues from Wachovia Securities. While it would be great to be able to have all the information in your hands as quickly as possible, we would rather get it right than get it quick. Our committment is to provide you with complete details once we have examined the impact that the integration will have on our overall operations. We appreciate your patience, particularly in this time of such tremendous tumult and upheaval in the financial markets. Rest assured we are mindful of you and the impact that the past several months have had on your business." How tough would that have been?[/quote] Very well writen....either a PR preson in a past life or an English major.