The home office employees had their bonuses cut by 80%, and for many of the traders and top level management employees, the bonus made up a significant portion of their total pay.  Those people have also had their restricted stock/options basically go to zero.  Many of those people have also really been through the grinder in the last year thanks to the "univeral bank" model.  Atleast as producers, you have a little more control over your compensation, home office employees got screwed for things they had no control of.

I am going to offer a “macro-” perspective. Let the slings and arrows fly:
 WB aqcuired AGE for about $6.7 bil (as of the announcement date). The purchase included about $2 bil that AGE held in cash, and NO debt (which was eerily similar in value of the retention package that was paid to retained brokers). It also included roughly 2 million sq. ft. of bought and paid for prime office space in St. Louis, which WS promptly occupied as it’s Securities HQ. All of this was Before the recent unpleasantness. What comperably assets is Wells aqcuiring in the new deal that can even compare to that as it pertaind to the securities divsion of WB?

What is the difference between the old AGE and SF? SF stock is up over 30% this year.

I’m thinking there will be NO retention package at all. Like it or not we went from AGE to WB and then bankrupt in short order. Pru wants it’s cash and at the end of the day where you going to go? They’ve sent out a ‘your soon to be fired’ letter out just before Chistmas. I think they very much did it to make a point. The bonus for the Christmas season holiday prospecting / production is $25 of WB memorabelia!! Can you f-ing believe it? TWENTY FIVE DOLLARS !!! YEAH That makes me want to run to work the day after Christmas and be away from my kids. I might win a WB key chain or t-shirt. IF I got any WB memorabelia I would toss it in the air and blast it with two barrels of 00 buck. They ought to give out Bagby & Danny dart boards.

[quote=Gordon Gekko]

What is the difference between the old AGE and SF? SF stock is up over 30% this year.

I’m thinking there will be NO retention package at all. Like it or not we went from AGE to WB and then bankrupt in short order. Pru wants it’s cash and at the end of the day where you going to go? They’ve sent out a ‘your soon to be fired’ letter out just before Chistmas. I think they very much did it to make a point. The bonus for the Christmas season holiday prospecting / production is $25 of WB memorabelia!! Can you f-ing believe it? TWENTY FIVE DOLLARS !!! YEAH That makes me want to run to work the day after Christmas and be away from my kids. I might win a WB key chain or t-shirt. IF I got any WB memorabelia I would toss it in the air and blast it with two barrels of 00 buck. They ought to give out Bagby & Danny dart boards.

Again, “macro-” observation:
 I believe the entire Wells Fargo’s retail brokerage force consists of about 3500 FC’s. What would be the only really practical way to integrate an additional brokerage force of about 12,000, or whatever WS has today?
 It seems to me that the real question may be, IF Wells wants to maintain a retail brokerage or not, rather than how to properly compensate that potential new brokerage force.
 It’s not WB absorbing 3500 FC’s, it’s Wells potentially absorbing @12,000.

I heard (and I think the call confirmed it) that the retention had to wait for Danny to be appointed as CEO so he could present it to WFC for approval.  I’ve heard that is happening within a week or two.  So I understand announcement is before the end of the year or the first week of January.

I also understand it is a good retention package - much better than ML - and was going to paid quickly - all upfront with 5 year forgiven loans.  Wachovia lost at least one big big team recently in my area that I know of and I don’t think they want to see any more attrition.

Danny - to me - has had a vision for a close knit company or team of brokers representing one of the biggest financial services firms in the world with the best pay package, the best technology, and a kind of family feel to it.  He’s had this vision right along.

So, to me anyway, everyone was one board with this and reasonably content.  The he acquired AG Edwards and then many of that group seemed very cynical.  They were sold out by their CEO so who could blame them.

WB then flares out and the bottom falls out of his vision but, soon enough, Wells picks us up, and things start to get stable and back in line with what he wanted to accomplish.

5 years ago he said that only a couple of big firms would remain and they would be backed by banks offering the whole universal bank model.  Well, he was right.  A year or so ago he predicted MS and many small regional firms could be extinct or merged, right again.   

He wanted to build one of the biggest firms on the street - he did it.  He wanted the highest payout - he did it.  He’s also built the only wirehouse offering an independent and semi-independent channel with few restricitons involved switching over to it.  Now, the retention could come through and deliver a lot of happy brokers - which I think it might. 

So, you have to give this individual a lot of credit for his vision, for being right, building the firm that he envisioned years ago, and being a nice, honest, and approachable leader. 

Do you think they got this degree of concern and candor at MS / ML / UBS / Citgroup?  Hell no they don’t.   UBS marked down the Auction Rate PFD’s in client accounts without telling the brokers!  Danny had weekly calls on how he was personally tackling the ARP problem!  Another firm had an internal memo recommending pounding the ARP’s into client accounts so they wouldn’t be left holding them!  ML basically gave older brokers under 400K a gentle nudge out the door!  Danny raised the payout. 

And. from my experience you’d be lucky to ever meet one of the leader of the other big firms even once in your life.  Danny had us over to his house for a barbeque and to meet the family!  He later had us down to St. Louis to describe his vision and directly answer any questions that anyone had.

So even though he goes on a bit with his concern, I believe it’s honest and sincere.  I also listen closely to his advice because he’s been absolutely accurate about the direction of the industry for as long as I can remember.   He couldn’t do much about the bank - now it’s like he’s recovering from an almost fatal car crash but he seems to be getting back to normal.

When you think about it he’s accomplished the size, scale, payout, and stability parts of his vision now he just has to get the brokers back on board - which might happen with a decent retention. 

So, yes from what I’ve heard there is retention and it is good.  And Ludemann has been honest and accurate right along so why doubt his word at this point.
  

I heard (and I think the call confirmed it) that the retention had to wait for Danny to be appointed as CEO so he could present it to WFC for approval.  I’ve heard that is happening within a week or two.  So I understand announcement is before the end of the year or the first week of January.

I also understand it is a good retention package - much better than ML - and was going to paid quickly - all upfront with 5 year forgiven loans.  Wachovia lost at least one big big team recently in my area that I know of and I don’t think they want to see any more attrition.

Danny - to me - has had a vision for a close knit company or team of brokers representing one of the biggest financial services firms in the world with the best pay package, the best technology, and a kind of family feel to it.  He’s had this vision right along.

So, to me anyway, everyone was one board with this and reasonably content.  The he acquired AG Edwards and then many of that group seemed very cynical.  They were sold out by their CEO so who could blame them.

WB then flares out and the bottom falls out of his vision but, soon enough, Wells picks us up, and things start to get stable and back in line with what he wanted to accomplish.

5 years ago he said that only a couple of big firms would remain and they would be backed by banks offering the whole universal bank model.  Well, he was right.  A year or so ago he predicted MS and many small regional firms could be extinct or merged, right again.   

He wanted to build one of the biggest firms on the street - he did it.  He wanted the highest payout - he did it.  He’s also built the only wirehouse offering an independent and semi-independent channel with few restricitons involved switching over to it.  Now, the retention could come through and deliver a lot of happy brokers - which I think it might. 

So, you have to give this individual a lot of credit for his vision, for being right, building the firm that he envisioned years ago, and being a nice, honest, and approachable leader. 

Do you think they got this degree of concern and candor at MS / ML / UBS / Citgroup?  Hell no they don’t.   UBS marked down the Auction Rate PFD’s in client accounts without telling the brokers!  Danny had weekly calls on how he was personally tackling the ARP problem!  Another firm had an internal memo recommending pounding the ARP’s into client accounts so they wouldn’t be left holding them!  ML basically gave older brokers under 400K a gentle nudge out the door!  Danny raised the payout. 

And. from my experience you’d be lucky to ever meet one of the leader of the other big firms even once in your life.  Danny had us over to his house for a barbeque and to meet the family!  He later had us down to St. Louis to describe his vision and directly answer any questions that anyone had.

So even though he goes on a bit with his concern, I believe it’s honest and sincere.  I also listen closely to his advice because he’s been absolutely accurate about the direction of the industry for as long as I can remember.   He couldn’t do much about the bank - now it’s like he’s recovering from an almost fatal car crash but he seems to be getting back to normal.

When you think about it he’s accomplished the size, scale, payout, and stability parts of his vision now he just has to get the brokers back on board - which might happen with a decent retention. 

So, yes from what I’ve heard there is retention and it is good.  And Ludemann has been honest and accurate right along so why doubt his word at this point.
  

Also, by smooth talking Bagby into selling out ,he ruined the lives of hundreds of AGE employees. And quite a few in Richmond as well.

Sell High…good points. I agree with the meeting a major CEO bit. I have been in meetings with him 2x now. Never met Komansky when I was at ML. And I know a good number of FA’s who did go to his home and were treated extremely well and DL was very engaging with all. These were not all million $ producers either. He and his wifes hospitality extended to folks in the 500k plus levels as well. It was well appreciated. I guess we have to extend the benefit of the doubt for a little longer. Not much else we can do. Except leave of course, if thats the best business decision for an individual to make. 

[quote=AGE2RIA]Also, by smooth talking Bagby into selling out ,he ruined the lives of hundreds of AGE employees. And quite a few in Richmond as well.[/quote]
 Would that it could be laid at one man’s feet like that. The fact is that the “smooth talk” was in the form of a dollar-per-share-amount and the recipient of the “smooth talk” was mutual fund managers. Too late to lay blame there, I’m afraid.

[quote=Sell High]I heard (and I think the call confirmed it) that the retention had to wait for Danny to be appointed as CEO so he could present it to WFC for approval.  I’ve heard that is happening within a week or two.  So I understand announcement is before the end of the year or the first week of January.

I also understand it is a good retention package - much better than ML - and was going to paid quickly - all upfront with 5 year forgiven loans.  Wachovia lost at least one big big team recently in my area that I know of and I don’t think they want to see any more attrition.

Danny - to me - has had a vision for a close knit company or team of brokers representing one of the biggest financial services firms in the world with the best pay package, the best technology, and a kind of family feel to it.  He’s had this vision right along.

So, to me anyway, everyone was one board with this and reasonably content.  The he acquired AG Edwards and then many of that group seemed very cynical.  They were sold out by their CEO so who could blame them.

WB then flares out and the bottom falls out of his vision but, soon enough, Wells picks us up, and things start to get stable and back in line with what he wanted to accomplish.

5 years ago he said that only a couple of big firms would remain and they would be backed by banks offering the whole universal bank model.  Well, he was right.  A year or so ago he predicted MS and many small regional firms could be extinct or merged, right again.   

He wanted to build one of the biggest firms on the street - he did it.  He wanted the highest payout - he did it.  He’s also built the only wirehouse offering an independent and semi-independent channel with few restricitons involved switching over to it.  Now, the retention could come through and deliver a lot of happy brokers - which I think it might. 

So, you have to give this individual a lot of credit for his vision, for being right, building the firm that he envisioned years ago, and being a nice, honest, and approachable leader. 

Do you think they got this degree of concern and candor at MS / ML / UBS / Citgroup?  Hell no they don’t.   UBS marked down the Auction Rate PFD’s in client accounts without telling the brokers!  Danny had weekly calls on how he was personally tackling the ARP problem!  Another firm had an internal memo recommending pounding the ARP’s into client accounts so they wouldn’t be left holding them!  ML basically gave older brokers under 400K a gentle nudge out the door!  Danny raised the payout. 

And. from my experience you’d be lucky to ever meet one of the leader of the other big firms even once in your life.  Danny had us over to his house for a barbeque and to meet the family!  He later had us down to St. Louis to describe his vision and directly answer any questions that anyone had.

So even though he goes on a bit with his concern, I believe it’s honest and sincere.  I also listen closely to his advice because he’s been absolutely accurate about the direction of the industry for as long as I can remember.   He couldn’t do much about the bank - now it’s like he’s recovering from an almost fatal car crash but he seems to be getting back to normal.

When you think about it he’s accomplished the size, scale, payout, and stability parts of his vision now he just has to get the brokers back on board - which might happen with a decent retention. 

So, yes from what I’ve heard there is retention and it is good.  And Ludemann has been honest and accurate right along so why doubt his word at this point.
  

guys its friday.  give it a rest

Danny is our advocate. I give him credit for trying.

I heard (and I think the call confirmed it) that the retention had to wait for Danny to be appointed as CEO so he could present it to WFC for approval.  I’ve heard that is happening within a week or two.  So I understand announcement is before the end of the year or the first week of January.

I also understand it is a good retention package - much better than ML - and was going to paid quickly - all upfront with 5 year forgiven loans.  Wachovia lost at least one big big team recently in my area that I know of and I don’t think they want to see any more attrition.

Danny - to me - has had a vision for a close knit company or team of brokers representing one of the biggest financial services firms in the world with the best pay package, the best technology, and a kind of family feel to it.  He’s had this vision right along.

So, to me anyway, everyone was one board with this and reasonably content.  The he acquired AG Edwards and then many of that group seemed very cynical.  They were sold out by their CEO so who could blame them.

WB then flares out and the bottom falls out of his vision but, soon enough, Wells picks us up, and things start to get stable and back in line with what he wanted to accomplish.

5 years ago he said that only a couple of big firms would remain and they would be backed by banks offering the whole universal bank model.  Well, he was right.  A year or so ago he predicted MS and many small regional firms could be extinct or merged, right again.   

He wanted to build one of the biggest firms on the street - he did it.  He wanted the highest payout - he did it.  He’s also built the only wirehouse offering an independent and semi-independent channel with few restricitons involved switching over to it.  Now, the retention could come through and deliver a lot of happy brokers - which I think it might. 

So, you have to give this individual a lot of credit for his vision, for being right, building the firm that he envisioned years ago, and being a nice, honest, and approachable leader. 

Do you think they got this degree of concern and candor at MS / ML / UBS / Citgroup?  Hell no they don’t.   UBS marked down the Auction Rate PFD’s in client accounts without telling the brokers!  Danny had weekly calls on how he was personally tackling the ARP problem!  Another firm had an internal memo recommending pounding the ARP’s into client accounts so they wouldn’t be left holding them!  ML basically gave older brokers under 400K a gentle nudge out the door!  Danny raised the payout. 

And. from my experience you’d be lucky to ever meet one of the leader of the other big firms even once in your life.  Danny had us over to his house for a barbeque and to meet the family!  He later had us down to St. Louis to describe his vision and directly answer any questions that anyone had.

So even though he goes on a bit with his concern, I believe it’s honest and sincere.  I also listen closely to his advice because he’s been absolutely accurate about the direction of the industry for as long as I can remember.   He couldn’t do much about the bank - now it’s like he’s recovering from an almost fatal car crash but he seems to be getting back to normal.

When you think about it he’s accomplished the size, scale, payout, and stability parts of his vision now he just has to get the brokers back on board - which might happen with a decent retention. 

So, yes from what I’ve heard there is retention and it is good.  And Ludemann has been honest and accurate right along so why doubt his word at this point.
  

I am assuming the Danny fans are all legacy WS brokers lol!

I don’t think we think anyone is out to get us…just that we can see where thinsg are headed…more fees for clients, less services, lower payouts for brokers and much worse service from the home office…ahhhhh scale and scope gotta love it!

[quote=nestegg]
I am assuming the Danny fans are all legacy WS brokers lol!

I and much worse service from the home office…ahhhhh scale and scope gotta love it!

[/quote]

Same home office you have had for years. A few new names sprinkled in.

[quote=Hydeho]

[quote=nestegg]
I am assuming the Danny fans are all legacy WS brokers lol!

I and much worse service from the home office…ahhhhh scale and scope gotta love it!

[/quote]

Same home office you have had for years. A few new names sprinkled in.
[/quote]

Same home office in location not in staff…we never had automated messages and menus to try to talk to someone until WS…and the people we talk to now are not nearly teh same caliber that we had two years ago…alot of good home office people left and went other places…and there were some layoffs that did not make the headlines…the replacements seem to be of a much lower level…it is night and day…even ol Danny keeps mentioning service issues…we NEVER had those issues before.  I realize you guys have no way of knowing all this.
Just like researh…almost all the good analysts…the ones that consistently were award winners are gone… the best investment strategy people are gone as well.

Kind of like Ben Edwards used to say…people are our business…without them all we have is a bunch of buildings…seems Wachovia/WF now has a bunch of buildings…most of teh good people they “bought” are gone.

I have noticed the changes in the home office. Menu’s, disgruntled attitudes, phone ringing and ringing at the bond desk. For sure it is not like it was a couple years ago.



BUT… I’ve also noticed that within the past couple months it is starting to take a turn. Home office people are starting to become more efficient. I get callbacks and the phone is getting answered.



Let’s face it, it will never be just like AGE but I can see they are on the right path finally.