500 or bust?
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My concern is there is a big different b/c announcing retention and actually paying the retention. After retention is announced, it could go by the wayside after the media gets ahold of the news just like the recognition junket in las vegas.Dont get all worked up. Our retention will be announced this Friday
Congress is going to have their hands full in the next week, they wont have time to focus on this. Also Stumpf took out a full page ad in the NY TImes defending the incentive trips. He must be getting pissed having congress and the media telling him how to run the company. Brokers had nothing to do with the poor performance of the company, they will pay us a loan to retain us. Also WFC was forced by Paulson to take the TARP money, if we dont need anymore we should be fine.
Plus what is completly laughable is that the Democrates are at a "retreat"in Williasburg Va on the taxpayers dime this weekend. Feb. 8 (Bloomberg) -- John Stumpf, chief executive officer of Wells Fargo & Co., defended corporate events that recognize top achievers after the bank canceled at least two because of what he said was “misleading” news coverage.In a full-page ad in today’s New York Times, Stumpf said the events serve to honor top bankers, financial advisers, tellers and mortgage salespeople at the second-biggest U.S. home lender. The bank, which received $25 billion in government bailout aid last year, is compelled to cancel the meetings amid “misperceptions” created by media reports, he said.
“The problem is many media stories on this subject have been deliberately misleading,” Stumpf wrote. “These one-sided stories lead you to believe every employee recognition event is a junket, a boondoggle, a waste, or that it’s for highly-paid executives. Nonsense!”
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No kidding. $50m cash plus a $25m coupon to not come to work at GM? Why isn't Obamanation bitching about that?Maybe we should go union. Then the government would not only lobby for us to get retention packages, but encourage them to be excessive.
[quote=BE PATIENT]Dont get all worked up. Our retention will be announced this Friday
My concern is there is a big different b/c announcing retention and actually paying the retention. After retention is announced, it could go by the wayside after the media gets ahold of the news just like the recognition junket in las vegas. [/quote]
BE PATIENT…I await to hear this on Friday. If I were a betting women I would bet Friday will come and be gone without any news…
Ryedog - way to short the retention. Live a really “Half glass full” kinda life huh? It is not Ludeman that will hang if no retention on Friday, it will be Hays who point blank last week said “Days, not weeks”. If Friday comes and goes we should hang Hays.
BE PATIENT
this congress crap is not good.
seems like suicide if they did it right in the teeth of this?
Ryedog - way to short the retention. Live a really “Half glass full” kinda life huh? It is not Ludeman that will hang if no retention on Friday, it will be Hays who point blank last week said “Days, not weeks”. If Friday comes and goes we should hang Hays.
sh#t flows down hill.....DL will hang.....
Make a check out to the USG for 25 billion on Thursday and then announce retention on friday. Reschedule the trip to Vegas.
Fellow WS advisors. Maybe this is a good time for those of you who haven’t already to send your managers (branch, complex and regional) a little chin music. If you’ve been accomodating to your managers, maybe they don’t deserve your respect. Retention coming by Thanksgiving…now by the Holidays…now by the Holidays or right after…now by the New Year or just after…now…maybe we should’ve done a better job of setting expectations.
Maybe it's the advisors in this firm that need to set expectations. This isn't a debate about whether we deserve retention or not or how much or little it should be. Rather this is a moment to demand being treated with respect. No retention...then tell me. Retention...then tell me. But treat me the same way you want me to treat my clients. DL and co., if there's a situation causing delay (ubs, wfc board, Obama, etc) then tell us so. Don't have to give us specifics...just be honest that there's a situation causing delay. Managers saying they have no information either? Too bad. You're my manager and you get paid to deal with these situations. Deal with it. And deal with it better than you are. I'm a DL fan and I don't know why some days. But my point is that as difficult as these times are and as non communicative as our management has been, I'm hoping you all are making your managers sweat a bit. Management needs you now more than ever. I have no current plans to move due to a whole host of reasons, but I will always do what's best for my clients and if moving is best then I'll switch course and move. So I don't hesitate to remind my manager constantly of the lucritive offers that are flying around right now. I'm friends with my manager and we've always gotten along, but I make sure there is an uncomfortable feeling every time we talk. And don't think these offers are going down or going away. If you're a good advisor there will always be a good offer for you somewhere. If you are any good at negotiating and are a quality advisor, no competing firm won't show you respect. And if for whatever reason they don't, then f#$k them too. I wish you all success, riches and an end to this saga asap.Instead of calling it a “retention package” just call it the “Wells/WS Stimulus Plan” (I’ll spend mine).
If its ok for the dems to complain about recognition trips then go on a "retreat" to VA during these tough economic times on taxpayers money, then lets rename recognition trips "retreats". I would be willing to bet more important and legitimate business gets done at our retreat.BP,
your last post seems to indicate that you are not sure about this Friday being the day, but that you think Hays implied it...I hope I'm misreading that...you had seemed pretty sure about the 13th...ThanksI hear three day weekends are great for moving …Show us the Presidents or we move!
Lets see, retention to be announced this Friday. Would that be the same retention that was to be announced before Thanksgiving, before Christmas and before year end, might have even missed one. Guys I don’ think retention is going to occur unless this miserable new ownership sells the firm. Having been thru several changes of ownership in thirty plus years in the business this by far has been the biggest disaster I have ever witnessed. If we were to get retention would we really want to work for an organization that does not communicate and that does not respect their employees current or past?
Be Patient…You sound credible enough, but Im wondering what you will do if Friday Feb 13 comes and goes and there is no retention announcement? Will you be bailing out of WFC? Also, if retention is announced how they heck do you suppose these clowns can get a check cut in little more than a month? I say we’d be lucky to see one by Memorial Day.
Be Patient...FYI - Nobody hopes you are right more than I do. Trust me. After 100+ days of waiting, I'm just trying to temper my own expectations. I do believe that retention will be announced, I just hope the media doesn't misrepresent it and ruin it for us.Ryedog - way to short the retention. Live a really “Half glass full” kinda life huh? It is not Ludeman that will hang if no retention on Friday, it will be Hays who point blank last week said “Days, not weeks”. If Friday comes and goes we should hang Hays.
Not really sure but the lack of communication almost bothers me more than the lack of retention. Money is important, but at the end of the day a good firm at which to service my clients and work is by far the most important.
Would say for the most part the people who have the book and fortitude to move have already moved. Think less than 5% of people who are sitting hoping for the retention for one reason or another are not getting off their seat.Be Patient…You sound credible enough, but Im wondering what you will do if Friday Feb 13 comes and goes and there is no retention announcement? Will you be bailing out of WFC? Also, if retention is announced how they heck do you suppose these clowns can get a check cut in little more than a month? I say we’d be lucky to see one by Memorial Day.