Thank you - but neither. Just a former legacy AGE guy who remembers how AGE treated us pre-Bagby.

This month, San Francisco-based Wells purchased Wachovia of Charlotte, N.C., for $12.7 billion.

They initially agreed to the deal in October.

In an almost unheard-of move, the employees that Wells canned include Wachovia registered representatives and investment advisers who work for Wachovia Securities LLC of St. Louis.

That defies one of the fundamental tenets of the brokerage business: High-producing reps and advisers are untouchables in mergers because they are the backbone and revenue producers of the firm that has been acquired.

Before shareholders approved the deal, Wells created a “do not hire” list of the employees, according to several sources inside and outside Wachovia.

According to one source, the list was dubbed the “conflict employee summary.”

At least in several cases, Wachovia Securities employees either were told directly or sent a letter on Christmas Eve that Wells wouldn’t rehire them, those sources said.

Among those affected were Kent Elliott and Matthew Schmitt, a $1.7 million team in Roseville, Calif., who on Jan. 5 jointed Robert W. Baird & Co. Inc. of Milwaukee.

The canned employees range from bank tellers to stock brokers, sources said.

Teresa Dougherty, a spokeswoman for Wachovia Securities, wrote in an e-mail that that "there was a corporate-wide HR eligibility process that Wells Fargo went through as part of the merger, and while up to 300 people were affected, only a handful were brokers."

She did not give specifics about the criteria employees needed to meet to keep their jobs, adding that details could come in the next few days.

The combination of Wells and Wachovia creates one of the nation's largest banks, with more than $1.42 trillion in assets, nearly $800 million in deposits and operations in 39 states and Washington.

Danny, you’re not “FA Centered” anything…

"A few more weeks?"  How hard is it Danny?

MS and SB announced before the ink was dry !!!

Here is a rumor I heard today from somebody I trust very much. Poo poo it all you like it’s nothing more than he said she said but it makes more sense than anything else given what’s going on and the fact that the bank brokers have been culled from WS and are now WFC.

Morgan Stanley and Citigroup are considering allocating between $2bn (€1.5bn) and $3bn to retain leading brokers at their combined wealth-management operations, it has emerged, according to a report in New York Post.

"The two banks have apparently identified about 2,100 Smith Barney and more than 900 Morgan Stanley top-tier brokers, with the top producers within that category contributing $1m and $2m each to the enlarged firm's bottom line."

“Think when WFC sees this they will really feel the need to offer firmwide retention??”

Was there a conference call today for AGE/WS/WFC?

Are the mortgage officers getting retention??  I don’t think WFC views brokers any different then they do other revenue generating employees, like it or not. 

When addressing the issue of retention, Danny went from stating a timeline of "the next couple of weeks" to "the next several weeks" in the span of about 15 seconds. I don't blame Danny for this, his hands are obviously tied by WF. He is a foot soldier that has been sent out to do the dirty work of whoever he reports to now. All of this talk about how this totally awesome new firm will continue to be FA centered is meaningless until demonstrated by WF.

Isn't it a consideration that most anxious posters here are just having an identity crisis?

This article on CNBC pretty well sums up everything going on in our industry:

we know that these forums give every one a chance to opinionate....but when of us comes out with such off the wall remarks-got to call you out---you really believe that MS/SB is going to provide retention bonus on only 1mm up...with the market conditions the way they are and the pressure to generate as much revenue as possible...no way will they alienate that many advisors below 1 MM.....they cut people at 400 or less...but they will bonus at least at 500

[quote=g1l1fvp]

we know that these forums give every one a chance to opinionate....but when of us comes out with such off the wall remarks-got to call you out---you really believe that MS/SB is going to provide retention bonus on only 1mm up...with the market conditions the way they are and the pressure to generate as much revenue as possible...no way will they alienate that many advisors below 1 MM.....they cut people at 400 or less...but they will bonus at least at 500

Two years ago 67% of all AGE FCs were below Crest Club (at the time around $375k).  Does anyone, ANYONE, believe that number has improved? Does anyone, ANYONE, believe below $350k will be offered anything except perhaps the door.

Agree with Fritz, I call boloney on this too. There’s no talking with SB/MS brokers about their particular retention at any level yet.

I can’t wait till Wells finally settles this one way or another. 43k+ views and at least 300 bs rumors and the merry go round keeps turning

the cc was more of the same…DL dancing around retention…beginning of feb the earliest if at all. Have never seen such a lack of communication in my twenty years in the business.Don’t want to hear how smart WFC is. They will be one of the least capitalized banks in a few weeks after reporting. Will have to go out and raise capital again. The 5 billion put option is not helping matters either in terms of retention…paying it then losing the franchise from brokers leaving doesn’t sound like good business to me…

again--with first hand knowledge the only clear communication provided at SB/MS is there WILL BE retention bonuses with details announced in the next 14 days...there have been no details announced

I am not a broker or even in this business.But as I read these posts I am astounded at the anger and greed displayed.This company was closing its doors within days whereby tens of thousands of people would be out of work, retired employees lose benefits and all would be without health insurance…yet you all feel you are owed money by the company that saved you…incredible.Count your blessings 

Barney Frank! What are you doing here?