So somewhere between “don’t pay it back” and “pay it back immediately unless you don’t plan on calling your clients” is the board’s suggestion.  I might ask a lawyer if faced with the decision.

I’m predisposed to srewing anyone who has screwed me. Got it!

I would only be concerned if they screwed back with a TRO.

I’m predisposed to srewing anyone who has screwed me. Got it!

C’mon, the broker is always the vicitim on this board!

http://registeredrep.com/newsletters/wealthmanagement/brokers_flooded_1112/

Two senior Wachovia Corp. executives have joined Morgan Stanley’s retail-banking group.

Cece Sutton will become president and Jonathan Witter has been named chief operating officer.

Sutton is leaving her post as executive vice president and head of retail and small business at the Charlotte-based bank (NYSE: WB), where she was responsible for 33,000 employees. Sutton will join New York-based Morgan Stanley’s (NYSE: MS) management committee.

Witter was executive vice president and head of distribution for Wachovia’s general bank.

Morgan Stanley was one of Wall Street's biggest investment banks until September, when it and fellow investment bank Goldman Sachs became regular bank holding companies. That move allowed the companies, which had been bruised badly by the credit crunch, to find new ways to build up their deposit bases.

“We are pleased to have these two highly experienced retail banking executives joining Morgan Stanley to lead our retail-banking initiatives,” says Morgan Stanley CEO John Mack. “As we look to grow our deposit base and expand this increasingly important business, we will leverage our existing retail banking capabilities, as well as our new bank holding company structure. We believe Cece and Jon are uniquely positioned to lead that effort -- and help us realize the many opportunities we see, both through organic growth and potential acquisitions.”

Wachovia is being acquired by San Francisco-based Wells Fargo & Co. (NYSE: WFC) in a deal slated to close in December.

I saw that this am in the paper. Not just brokers jumping ship ahead of the merger.

How many lawyers does WS/AGE/C/WFC have on retainer?

[quote=Gordon Gekko]In regards to TRO’s, I’ve only heard of WS going after some whole branches that left to go to Stifel. Anyone hear anything different? I wonder how thin the ice is if you don’t include a check with the resignation letter. [/quote]
Your odds of getting hit with a TRO increase with the number of people that you leave with, so a whole branch walking together is a big target.

With regards to the risk of not including a check with your resignation letter, it would make a big difference if you took the forgivable loan or the cash bonus retention. Which did you choose?

It would be an Army of One leaving but it was the lump sum. I heard an entire branch left today (Legacy WS). Anyone else hear that?

[quote=Gordon Gekko]It would be an Army of One leaving but it was the lump sum.[/quote]
If by lump sum you mean you took the upfront loan, and signed the requisite agreement, my understanding is by signing that you agreed to be bound by an explicit non-solicit until you repaid the outstanding loan balance.  Once you pay it back, the agreement ceases to exist, and the Protocol terms would apply (assuming you go to a Protocol firm).  Until you pay it back, the Protocol terms are likely not applicable and you could easily be in for a TRO.  I’d make sure you get proper legal counsel.  A TRO can potentially really screw up your transition.

FYI, if you get your biggest chunk of outgoing ACAT info and phone calls done in one blow out effort over the first couple of days, TROs can’t slowdown any incoming flows and client inquiries.  I’d recommend to all you guys that are on the go button to talk with your transition depts. about getting the ACAT packages all out the door with UPS/FedEx the first day or two.  Especially that top 100 that we all have which represents 80% of our revenue.

In the real world, it seems that the groups of brokers leaving face this more than individuals. That being said, I will err on the side of caution. How again do you compute the exact balance? I was thinking of high-balling it using the amortization schedule and telling them to send ME the overage. Can’t fault me for paying too much can they?

More than likely they will not cash it and send it back with a bill and a TRO.

Again, I haven't heard of any real world experiences that you describe. Just lots of hypotheticals. You may be right, I might be crazy...

when i left i wasnt able to negotiate down the principal of the note, but i was able to negotiate down the time period and interest rate over my repayment schedule.

So did you take the lump sum? At what point did WS ask you when you planned on paying them back? I've heard it can anywhere from immediately to months later.

Gecko,

We (RJ) picked up about 6-8 ± people in Napierville yesterday, and one in Chicago proper.  They send out welcoming emails company wide when an official move is in motion, and I remember Napierville specifically, 'cause it was a bunch at one time.  Anecdotally, it seems that about 75% of the “welcome aboard” emails that we’re seeing are Wach. people in motion.  I’m guessing we had about 20 total come through last week.