500 or bust?
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You are right Calloway..but what you dont understand is 90% of the people who are in this business are not wealthy and now their business is severely damaged, for many beyond repair. They need to get this money to buy time to rebuild their business or keep paying for their leased MBZ or BMW's. For the bigger guys who maybe do not need the money ( but many of those also leveraged their lifestyle to 14,000 DOW); it is partially because they are so used to these firms handing them stuff they expect to get handed retention also, and the thought of a firm (WFC) saying enough with this business as usual b.s is too much for them to come to grips with. Yes past history says there should be retention, but past history is over in this industry.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
This is amazing to me…I am aware of two ex- AGE legacy reps. that moved to SN 6 months ago and received termination letters from WFC prior to the holidays. ??? What is that???
Ferris…you don’t get it, Wells was not really in our business, they view brokers and mortgage brokers the same. They both produce revenues and are paid commissions. I don’t agree with that, but that seems to be their view.
Calloway...you are an idiot, who knows nothing of the brokerage business. Wells didn't save Wachovias brokerage firm, they saved the bank. If they don't pay their brokers, there are plenty of places that will because these people make money for the shareholders, a lot of money for them. Many of the brokers there have made millions for their employers selling investments that are essentially available at all brokerage firms. Wells can pay them for the Bullshit involved in this merger, or they can see them walk. It is industry standard for a reason.Calloway let me spell it out for you in terms that I hope are simple enough fo you to grasp.
I work for Wach Sec.. I produce 800k in revenue. Merrill and Morgan want me to go with them and will pay me $1mil to join them. Wells comes in and buys Wach and wants me to stay. Would you stay if Wells tells you "guess what! you can keep your office. That's it" WTF WOULD YOU DO??? I want to stay but WFC is forcing me to make an economic decision Now go back to the grocery store and resume sacking groceriesMaybe you fit into the retention which leaked out today, most dont..would definitely not say that only 900 MS brokers and 2100 SB guys getting retention is "industry standard" ..You have to be over 1MM in gross to qualify..Like I said if you are there good for you, but 3000 guys getting retention out of 20,000+ is not too hot for most of the guys.[quote=fritz]Yes past history says there should be retention, but past history is over in this industry.[/quote]
You mean like the past history of yesterday where Gorman of Morgan Stanley said that there would be an INDUSTRY standard retention for MS&SB?
MSSB retention only for those at $1 million plus?
Who here really and truly believes that Gorman and company really dont care if a shitload of brokers who bring in 600-700-800K revenues walk out the door. Gimme a break. This thread has gone from the ridiculous to the totally ridiciulous
[quote=Calloway]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 [/quote]
You don’t belong here. Go away!
Only posted what was written in Ny Post and Ny Times..if its wrong its wrong..but will tell you the numbers add up..900 people at MS are 1 Million and up and the same at 2100 at SB..maybe its wrong..but at least if it is the person checked into it enough to get the numbers straight..Find it hard believe it would be that severe, but also cant see how a company who was 12 hours from going bankrupt until the Japanese saved them can float big checks to 21,000 guys.[quote=Sportsfreakbob] MSSB retention only for those at $1 million plus? Who here really and truly believes that Gorman and company really dont care if a shitload of brokers who bring in 600-700-800K revenues walk out the door. Gimme a break. This thread has gone from the ridiculous to the totally ridiciulous
[/quote]
You’ve entered Fritz’s world. When you’re done looking around, please turn off the lights.
[quote=skbroker]hank,
its called advisor forum. your retarded comments are not welcome here.[/quote]If you weren't retarded, you'd probably notice where it says "registered reps."
[quote=mnbondguy] Are WFC wealth management brokers on salary?[/quote]
I can’t speak for the branch employees, the equivalent of our ISG, but the ones in the standalone branch that I know are not salaried.
Ferris, can you elaborate on this? Are ISG brokers branch employees? What do you know about this business channel?
ISG is the bank based investment arm of Wachovia. Essentially similar to PCG in terms of product offering but different and lower payout grid. ISG FAs typically have 1 - 2 assigned bank branches. Some ‘graduate’ out of the branches and work out of localized hubs in a virtual ‘PCG’ style environment but still in the ISG channel.
They are NOT salaried, comissioned just like the PCG broker. I heard the average ISG FA was in the $560k range in 08’.
Could it be that mgt. at WF are waiting for the Obama people to give them the cover to tell the brokers “Hey, we wanted to pay you, but things are so bad, the gov’t wont let us use $'s to pay bonuses to brokers. We really hate it, but it’s just the situation where the gov’t doesn’t want us to use capital for bonuses.” I hate to be so cynical, but there might be something to that line of thinking.
DixieDog, say it isn't so. There is a very real possibility you could be right. However, the other banks didn't seem to have a problem with that (BAC/MER).... We'll have to TARP somone's _ _ _Could it be that mgt. at WF are waiting for the Obama people to give them the cover to tell the brokers “Hey, we wanted to pay you, but things are so bad, the gov’t wont let us use $'s to pay bonuses to brokers. We really hate it, but it’s just the situation where the gov’t doesn’t want us to use capital for bonuses.” I hate to be so cynical, but there might be something to that line of thinking.
Wachovia employees whacked by Wells Fargo
In a move that smacks of corporate retribution, Wells Fargo & Co. has fired nearly 300 employees who left Wells to work at Wachovia Corp.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 joined 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.