500 or bust?
3938 RepliesJump to last post
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?
********************************
I agree. I’m pissed off enough and disgusted enough to now start entertaining the ML offer of 240% with 120% cash upfront. Fritz…I disagree with you. FA’s are getting locked and loaded and ready to pull the trigger and leave if they dont get the retention.
Maybe i am only speaking for my branch, the couple that were ticked off left, the rest will sit there even if the retention is .50 cents and a rubber stage coach.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?
********************************
I agree. I’m pissed off enough and disgusted enough to now start entertaining the ML offer of 240% with 120% cash upfront. Fritz…I disagree with you. FA’s are getting locked and loaded and ready to pull the trigger and leave if they dont get the retention.
Fritz,
You are wrong. Bonus gets paid the 16 of March. Over 10% for over 1million. Plus vesting of defered pieces. Not to mention there could easily be forgiveness off defferal. So there are many people waiting. Why would anyone leave b4 March 16?Another point of contention is that from what I hear there is no intention of vesting our DC. The clock will keep running on those. And the WB 401k. Id rather roll mine into a self directed IRA and start a new one with WFC. Nope, not going to allow that one either. WFC = WTF
It will be there ont he 13th, and no I wont be one of the many to do a max exodus. I will take my bonus, and start figuring out what company will be best for my clients long term. I have strong ties in my city, and know MS, Stifel and Merrill managers very well so dont need to try to run to make it before the others.
From an outsider's perspective, I think the firm made the biggest blunder imaginable if it planned to actually give bonuses. It is now planning to give out huge "bonuses" when Congress is in the process of reviewing all bonuses. They have shafted themselves even further by waiting so long to announce and pay retention. ML paid their's back in December, and still caught flack from Congress for doing it.
[quote=B24]
From an outsider's perspective, I think the firm made the biggest blunder imaginable if it planned to actually give bonuses. It is now planning to give out huge "bonuses" when Congress is in the process of reviewing all bonuses. They have shafted themselves even further by waiting so long to announce and pay retention. ML paid their's back in December, and still caught flack from Congress for doing it.
[/quote] ML caught flack over paying Thaine not broker retention. Hey, while we are at it, why dont we tell MLB, NBA, NFL and Hollywood how much they can make. Oh yeah, and no more signing bonuses for athletes or actors too. I mean, why should they make so much. Talk about perverse excess. A base ball pitcher making 80-100 million over 6 years? Actor making 20 million for 1 movie??? Are you kidding me?Did anyone review the ad in the New York Times Sunday defending trips and other various awards? As for leaving - I think you have to find some company not taking TARP - am I wrong? Otherwise Barney Frank will be deciding your pay scale for the next 7 years!
I think the retention revolves around getting an extra portion of what you gave back last year. So if you are paid 44% - you hoping to get some of that 56% you gave away. Obvioulsy you'd rather get 100%. I hope the ad represents taking a stand and taking back control of their business from Washington and the press. I'm glad they did that ad! It sets the stage for paying retention and saying - we pay $70 to make $100 for five years - it's business. And it's our business. Financial advisors brought in 100% pure profit - not loans - nothing strange - just return. Now we have to get beaten about the head and face, have trips cancelled, hope against hope we get industry standard retention, and the like - because many other divisions blew up. In other words, we are dependent on others to get it right. And if they do, if underwriting has a great year as an example, we don't get paid more. If they screw up however, we get paid less and basically punished. Does that change at another firm or get worse? To give credit where credit is due, we were shielded from the auction rate preferred mess because WS opened up it's wallet for 1 Billion - that's a plus (even though I didn't purchase any of those monsters).In short jumping to a Bank America (as an example) may be jumping from the frying pan to the fire. To the degree that Wells is not as beholden to TARP as others are - the other firms could represent a bad move. What wirehouse is not under the unforgiving finger of Barney Frank right now? Perhaps the industry should form their own panel to examine the Democratic retreat at the lovely Kingsmill Resort and Spa --- up to $400 per night -- taxpayers paid an untold total expense - approximatley $500,000 taxpayer money every year in the past. Or why Tom Daschle is being paid millions as a consultant and has a fully paid chauffer driven car even though he doesn't even have a law degree!
I wouldnt say we were shielded from the ARS mess…we dealt with it for most of last year…the only reason Wachovia opened its wallet was because the regulators forced them to! Remeber the STL "raid’ and all teh headlines? We settled just like all the other major firms did…we were just one of the last to do so. If we would have done the "right’ thing we would have been out front and done something before regulators forced us.
DL on Jan 14th said 2-3 weeks. This Wednesday is 4 weeks from that conference call and STILL no official word on retention. I know that there are those that are saying we will hear something on the 13th but at this point why is there nothing on infomax if that is true?
Boys, they lied to us yet again....UBS didnt get TARP
they good old fashion commies no strings attached to their central govt paymentsl ike usI hate to so neg
i think wfc doesnt want away from bank FA's i think it things isg the deal i think they been trying to unload ws the head fakes are to put us off i think they said yes to retention cause a merger ws/ubs would have retention i think ubs/ws was very very close i think the press blew it open i think the swiss govt changed their minds i think it left ws hanging big time i think the retention concept makes smoke come out of the ears of wfc management (paying people to STAY?) i think the news about congress coming down on forgivable loans in our biz is perfect for wfc to say "cant do it" im sorry but this is the reality we just cant do it now i think they shopping us AS WE SPEAK since wfc stole WB i dont think they give a crap if guys start to leave ws was just a little add-on i think its a perfect storm and we are f^%&*( id be curious to know if deals are being put on hold (?) i hope im dead wrong and Be Pateint is correct the damn deals are probably going away also with this congress stuffSign on bonuses are in every industry. I heard a commercial on the radio offering a 10,000 sign on bonus for truckers. If they don’t offer retention the vast majority will take bonuses at other firms.
take sign on bonuses at other firms
I think they were obviously trying to do something with UBS and that held it up. Also no reason to do anything the early part of this week with this fool Geithner speaking tuesday, and the Barney Frank show later in the week. Hopefully BP and guage are correct and it is Friday. It is really tiring though.
If it really was friday don’t you think that there would be something communicated??? DL and JH claim to understand that people are angry and becoming angrier with the feeling that they have repeatedly lied to us. If a deal were done they would have had something on infomax to let people know its coming and its done.
ding…ding…ding…ding…
Me thinks it's finally starting to sink in. Reality is a bitch!Maybe we should all get together and put our own ad in the New York Times so Stumpf knows how pissed we are.
Guys, between Stumpf’s caving in to “one-sided media pressure” and 4 months of delays… how in the world can anyone think some form of rewarding and meaningful retention plan can really be in the making?? The cheese has been moved and moved and is still moving!
[quote=BukiRob][quote=B24]
From an outsider's perspective, I think the firm made the biggest blunder imaginable if it planned to actually give bonuses. It is now planning to give out huge "bonuses" when Congress is in the process of reviewing all bonuses. They have shafted themselves even further by waiting so long to announce and pay retention. ML paid their's back in December, and still caught flack from Congress for doing it.
[/quote] ML caught flack over paying Thaine not broker retention. Hey, while we are at it, why dont we tell MLB, NBA, NFL and Hollywood how much they can make. Oh yeah, and no more signing bonuses for athletes or actors too. I mean, why should they make so much. Talk about perverse excess. A base ball pitcher making 80-100 million over 6 years? Actor making 20 million for 1 movie??? Are you kidding me?[/quote]