500 or bust?
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I think it is going to be just like last time. I didnt ask to many questions about that. I am under 1mill.
With all the problems would they rather go to ML or SB? Some prefer to get a retention like the other firms are paying, get a new name, have the firm work on some of the shortcomings.. and move forward. Others will choose to leave just as some of their colleagues have.
Exactly, but the thing I don’t understand is why so many brokers are still there waiting to hear about retention and all the other great things that are supposed to fall off the stagecoach…
I am under 1 mill too, think you and I are the only two on the thread. I find it hard to believe all the numbers (%%) are up front Cash? Do you know if thats the case?I think it is going to be just like last time. I didnt ask to many questions about that. I am under 1mill.
Well then they shouldn't have said everything was so great on Friday... only to have it collapse hours later. personally I think they knew things were worse than the mighty fortress they portrayed. And then the issue of saying retention every few weeks, and the name, and the global banking model. It is what it is. Not the best way to inspire confidence and trust in employees AND clients. my 2 centsGo_Long
they had 25 bil in cash that wends.
WB EMPLOYEES were yanking out billions on that Thursday.
Go_long
you just dont get it.
A hundred dollar bill is worth one hundred dollars because we both TRUST that it is worth $100.00.
A hundred dollar bill is a piece of worthless paper.
once depositors lose TRUST. ur toast. period.
Cayne,swartz,steel,lewis,thain,fuld etc.
none of them lied.
hell
Thain is a freaking hero.
MER was heading 100% to bear sterns land Monday morning.
at least he got MER shareholders SOMETHING.
lewis bought zero (negative zero) for 29 bucks
UBS/WS joint venture was hours for being a done deal.
It was to be structured like PRU/WS with WFC a non-active owner (49%).
DL was in Frisco at least 3 times and JFK (Wehawken, NJ ubs) twice.
The retention was going to be big. the idea being (DL pushed it) that FA's have had basically 2 moves and AGE have been shafted. The deal to UBS peaked at about 270%. the 1mm and above guys were to get 150-175 in ubs/ws combo. some was to be back end. This was cash. these was some additional talk of restricted shares also. these was talk of making the AGE deal larger (legal issues). everyone would get paid down to 275 t12 (2008). 1mm-500m 80-100%.
WS would be the lead. DL and St Louis would be home base.
NJ/Zurich would go away. UBS would give up on USA. The Swiss govt was pressuring ubs to get back to basics.
A single reporter connected the dots and blew the deal open last week. UBS freaked out and backed off. later saying "we have changed our minds and are committed to USA". DL would be kind again. no banks would be invovled and it would look more like an AG Edwards or the like.
WFC DOES NOT want the away from the bank brokerage. They want the in house bank FA's (ISG, WFC advisors). This is where they beleive "cross selling" really happens. (read their info-they say it.)
They did not and do not understand or want to pay any up front to brokers. DL has been relentless in pushing for a retention. The UBS/WS combo would have been a home run.
WS now is unwanted by the parent company. It will be interesting to see how this develops. all WFC wanted was out.
What happens now with a retention is anyones guess. I cant believe (and I do not know anything after deal blew up. my source was not there) WFC will be handing out big bucks. who knows.
All of this is legit
Jay....I beleive your story. Danny was just trying to do a deal with UBS to maintain the "regional" feel of WS. He has things running so smoothly with the last few mergers, why not add another 9,000 brokers?
He needs to go.[quote=mnbondguy]
Jay…I beleive your story. Danny was just trying to do a deal with UBS to maintain the “regional” feel of WS. He has things running so smoothly with the last few mergers, why not add another 9,000 brokers?
He needs to go.[/quote]Some people need chaos to operate...I think Danny is one that feeds on it...merger after merger....also gave him Job security for a while...once one was done...gotta do another and so on.
mnbond…jaymac…reading between the lines this last week I think ur legit…while danny has a credibility issue going back to last summer with age and the bank meltdown…in all fairness some of these disasters are not of his making…i think the guy has an a lot on his platter…not sure any of us want the job he is in. Jay…i know the ubs gus across the street well…they say they have a call on tues…wonder what the details will be…u think this might come back on the burner?..With Wells not liking us i feel like an orphan…time to go back and watch slumdog millionaire…
Remember,age…we’re still getting a bigtime haircut at the end of the yr folks!!!
These guys are on here who think this has been all been by design, retention just is complicated, blah blah, its coming…just need another two weeks to get it right are dilusional. May turn out that it comes, but there has been so much going on that people on here dont know about.
Now that IS interesting! I believe that DL has everyones best interests at heart. Sounds like a legit story to me and makes a lot of sense. Even if its blown up for now, I wouldn’t be surprised if it still goes together at some point. If wells doesn’t want us now, they won’t later either.
Fritz…if this thing isnt ironed out by 3-20-09 watch about 300 guys walk and they wont be 200k producers either.
[quote=JayMc]
UBS/WS joint venture was hours for being a done deal.
It was to be structured like PRU/WS with WFC a non-active owner (49%).
DL was in Frisco at least 3 times and JFK (Wehawken, NJ ubs) twice.
The retention was going to be big. the idea being (DL pushed it) that FA’s have had basically 2 moves and AGE have been shafted. The deal to UBS peaked at about 270%. the 1mm and above guys were to get 150-175 in ubs/ws combo. some was to be back end. This was cash. these was some additional talk of restricted shares also. these was talk of making the AGE deal larger (legal issues). everyone would get paid down to 275 t12 (2008). 1mm-500m 80-100%.
WS would be the lead. DL and St Louis would be home base.
NJ/Zurich would go away. UBS would give up on USA. The Swiss govt was pressuring ubs to get back to basics.
A single reporter connected the dots and blew the deal open last week. UBS freaked out and backed off. later saying “we have changed our minds and are committed to USA”. DL would be kind again. no banks would be invovled and it would look more like an AG Edwards or the like.
WFC DOES NOT want the away from the bank brokerage. They want the in house bank FA’s (ISG, WFC advisors). This is where they beleive “cross selling” really happens. (read their info-they say it.)
They did not and do not understand or want to pay any up front to brokers. DL has been relentless in pushing for a retention. The UBS/WS combo would have been a home run.
WS now is unwanted by the parent company. It will be interesting to see how this develops. all WFC wanted was out.
What happens now with a retention is anyones guess. I cant believe (and I do not know anything after deal blew up. my source was not there) WFC will be handing out big bucks. who knows.
All of this is legit
[/quote]
It does all adds up.
cept now we kind of F’ed (/)
Find out who travels with Danny on trips.
I think Mac here might be gettin some of that?
tell us. we can keep a secret
bbwahahahahhahahahahahahahahahahahahahhahahahahahahahahahahahahh
whwhwhwhwhhwhwhwhwhwhwhwhhwhwhwhwhwhwhwhwwhhwhw
you must have forgotten to take your Prozac today....[quote=JayMc]
UBS/WS joint venture was hours for being a done deal.
It was to be structured like PRU/WS with WFC a non-active owner (49%).
DL was in Frisco at least 3 times and JFK (Wehawken, NJ ubs) twice.
The retention was going to be big. the idea being (DL pushed it) that FA’s have had basically 2 moves and AGE have been shafted. The deal to UBS peaked at about 270%. the 1mm and above guys were to get 150-175 in ubs/ws combo. some was to be back end. This was cash. these was some additional talk of restricted shares also. these was talk of making the AGE deal larger (legal issues). everyone would get paid down to 275 t12 (2008). 1mm-500m 80-100%.
WS would be the lead. DL and St Louis would be home base.
NJ/Zurich would go away. UBS would give up on USA. The Swiss govt was pressuring ubs to get back to basics.
A single reporter connected the dots and blew the deal open last week. UBS freaked out and backed off. later saying “we have changed our minds and are committed to USA”. DL would be kind again. no banks would be invovled and it would look more like an AG Edwards or the like.
WFC DOES NOT want the away from the bank brokerage. They want the in house bank FA’s (ISG, WFC advisors). This is where they beleive “cross selling” really happens. (read their info-they say it.)
They did not and do not understand or want to pay any up front to brokers. DL has been relentless in pushing for a retention. The UBS/WS combo would have been a home run.
WS now is unwanted by the parent company. It will be interesting to see how this develops. all WFC wanted was out.
What happens now with a retention is anyones guess. I cant believe (and I do not know anything after deal blew up. my source was not there) WFC will be handing out big bucks. who knows.
All of this is legit
[/quote]
It does all adds up.
cept now we kind of F’ed (/)
Find out who travels with Danny on trips.
I think Mac here might be gettin some of that?
tell us. we can keep a secret
bbwahahahahhahahahahahahahahahahahahahhahahahahahahahahahahahahh
whwhwhwhwhhwhwhwhwhwhwhwhhwhwhwhwhwhwhwhwwhhwhw
I get that fine. But don't tell folks that it's worth $100 on Friday when depositors, according to you, lost trust before that. If you want to believe they were a fortress on Friday as people were told, and were "worthless" hours later.... I have some swamp land for you to buy. Not step away from the kool aid my friend.Go_long
you just dont get it.
A hundred dollar bill is worth one hundred dollars because we both TRUST that it is worth $100.00.
A hundred dollar bill is a piece of worthless paper.
once depositors lose TRUST. ur toast. period.
Cayne,swartz,steel,lewis,thain,fuld etc.
none of them lied.
Want to know who is winning…they are! several of you are so full of anger, you have tuned against each other in a name calling fit I would expect of 2nd graders. If you have something intelligent to add, please do. One this was a good place to talk to try to share what we have heard. I think we all need this. ISG,PCG, FINET, AGE…we all work hard and have all had a rough run of it…no one is better or more deserving. Grow up and work together
I remember when people on this thread were asking if retention or 100 pages would come first. Now the question is retention or 200 pages.
Sam, I put the retention coming around page 250!!I remember when people on this thread were asking if retention or 100 pages would come first. Now the question is retention or 200 pages.