Wachovia layoffs
I heard multiple times that Wachovia Securities, wire house not bank,will be cutting producers <350k later this month. Has anyone else heard this?
I wonder where all their accounts will go......to the other brokers or to the bank?
You do mean Wells Fargo Advisors vs. Wachovia’s bank channel (ISG)?? Can you be more specific? If you’re speaking of the former Wachovia PCG or today’s ‘Wells Fargo Advisors’… that’d be so many if true that it’d roil the entire retail side of the business. The former Wachovia PCG channel is loaded with far more < $300k producers than any of the wires. This would make the April RIF at UBS look like a mere non-event up if it really happened.
I highly doubt that is true. I know a guy who just took a check to go from SB to Wells Fargo Adv and he only did $325k last year, which means he will only do $225 this year. I will say that I was surprised that they took him.
Corrected, Wells Fargo Advisors, wire house channel. The multiple comments I heard was at the end of June. The 350 number may not be accurate however, every other channel of Wells and Wachovia has began downsizing and they are the only ones left. They wanted to wait for mid year to give low producers a fair chance to pick it up. ISG Bank channel already sent notice letters to their low producers warning them about their production with June 30 as a deadline.
No chance, and it's not needed. The structure of the compensation plan is such that it naturally moves people up or out. If they stay, the firm's percentage of gross is enough that just about anyone is profitable to the firm, or being paid nothing.I heard multiple times that Wachovia Securities, wire house not bank,will be cutting producers <350k later this month. Has anyone else heard this?
350K LOL…
We just hired two guys from MS and SB. Both right at 250K, and they got 60% up front. You are either joking or have been given some real bad information.There are a group of select FA doing under $150K, COUGHageCOUGH, that have until end of June to meet a target or they are out. Some of the ones i have seen don’t have the best work habits, 9-4 with a lunch hour, so i expect there toast!
They let go all of the Regional Trust Company Officers and 7-8 Key contacts in the Trust Company. Some Escorted out by security. Very valuable and sharp people treated like garbage. How in the world could these guys think that the guy that comes around to the branch pitching managed money , loans and Envision is more valuable?
Trust company business is gone at Wach Sec, independent research is gone too. Not a full service firm any more.I heard something little different. The upper management is considering offering salary of about 60g for fa’s and 10 percent bonus on trailing 12
I have also heard wells will finally give us retention as soon as they pay back tarp. 100 to 200 percent trailing 12 based on 2007 numbers
I have also heard wells will finally give us retention as soon as they pay back tarp. 100 to 200 percent trailing 12 based on 2007 numbers
Good one!
Does this kind of silly rumor mean we can resurrect the marathon thread on Wells Fargo non-retention non-bonus again?!
Wouldn't THAT be a thrill?!?!
[quote=alphapack]Corrected, Wells Fargo Advisors, wire house channel. The multiple comments I heard was at the end of June. The 350 number may not be accurate however, every other channel of Wells and Wachovia has began downsizing and they are the only ones left. They wanted to wait for mid year to give low producers a fair chance to pick it up. ISG Bank channel already sent notice letters to their low producers warning them about their production with June 30 as a deadline.
[/quote]My understanding from a person inside a regional president's office is that they are going to lay off brokers. The number is not as high as $350k. Something closer to $200k.
[quote=skbroker]I have also heard wells will finally give us retention as soon as they pay back tarp. 100 to 200 percent trailing 12 based on 2007 numbers[/quote]
Oh look a carrot.
It would not surprise me one bit…they just went through teh silet layoffs of support staff, what comes next…the extra brokers…only logical step from WachFargo
Ferris,
Is that how you built your book by inheriting other brokers accounts! Why don't you show some empathy for people. Some of those guys/girls you call pikers may work just as hard as you, but have not been able to build up the book fast enough to survive this downturn. This is a very challenging business that requires not only hard work, but sometimes a lot of luck and time served comes into play. You are talking about people who may have families to support. Just give it a rest and think about someone other than yourself. By the way, have fun selling your soul to Wells Fargo for $13888/yr for a 9 year stretch.[quote=Redpen]They let go all of the Regional Trust Company Officers and 7-8 Key contacts in the Trust Company. Some Escorted out by security. Very valuable and sharp people treated like garbage. How in the world could these guys think that the guy that comes around to the branch pitching managed money , loans and Envision is more valuable?
Trust company business is gone at Wach Sec, independent research is gone too. Not a full service firm any more. [/quote] Since when is independent research gone???Anyone doing the forefront just to have a backup plan.
Wells Fargo Advisors is now focusing on recruiting 400k+. They hope to replace any loss revenue from the upcoming layoffs by recruiting higher producers. The layoffs will fast and closer to the 350k than many expect. I hope you have a plan B
Anyone doing the forefront just to have a backup plan.
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Never sure where the road may unexpectedly turn. I think it would be foolish to be there and not at least be doing forefront. Even if you think your leaving you may as well have it in place just in case. The money just might come in handy. I know guys that havent even started. They seem to be dismissing it as another con job. The requirement is not that difficult so I will have done what needs to be done buy June 30th.
Brokers with los over 5 years and tt under 150k will get the ax by month end. Trainees not on track will get axed as well.
Rips
I have done 45 key hh and hoefully I ll get to 50 before June 30 to get 50 bps
Our CFA’s have been gone for a while now. We don’t come up with ideas at the home office like Edwards did. Research can be accessed but it is outsourced. Don’t you remember all those great stock reports that where client friendly. Remember our analyst were selected each year buy the Journal as all stars. ? You don’t hear it now because we don’ t have any. They were all let go along with muni syndicate , too. And it is the Trust company’s turn now. Keep the assets get rid of people. Then when it breaks sell it. It’s a bank.
I have 59 HH that meet the criteria. They will all be completed by June 30th. Pbly by next week. Now if the market will just cooperate and not tank before month end! I have seen my eligible assets come up by several million since April. And household in the black went from high 40’s to nearly 60 now. Several more on the cusp and a good mkt will get them there easily. I have been doing envisions all along so it wasnt like starting from scratch to get this done.
I did hear the <150k FA’s a/o June 30th will be gone. I have heard these folks have been told this. Second hand info.
They will get letters from h.o.soon
Rips
Have they set the date for the loan option. I have heard sometime in sep.
There is a conf call replay on Infomax. Says the promisory not will go out around 8-15. The money should be paid around the end of Aug. But then again we were supposed to get retention, so who the heck knows until it happens or not.
I m assuming it will be similar structure as the last retention when wach bought age. If you decide to leave just pay the money back?
If you decide to leave, or get canned.. you pay the money back, and with Envision plan they have all the information on your client?I m assuming it will be similar structure as the last retention when wach bought age. If you decide to leave just pay the money back?
This thread appears to be all RUMORS…no one in the WFA system has gotten any letters for producers under the $150K production level and potential layoffs. We have several producers under these levels and no one has gotten any memo, emails, or offical corporate letters stating they will be terminated by June 30th, 2009. It is possible that it may happen, but not within the next three weeks. Also seriously doubt that WF will provide any retention bonus at all. Ludeman has already warned and told all FA’s in the system that Wells will not
pay retention bonuses due to political pressure and TARP money that Wells received. So it is doubtful that any layoff will happen. Yes, the Regional Trust Reps have been eliminated. With volume down on the exchanges, certainly volume is down for revenues. That is an inheiritent problem within the industry. So until we hear something concrete and believable, these posts and thread would be considered rumors and sensationalism, with the intent to create havoc and dispear within the inner walls of WFA. No ISG employees have been given walking papers either that I am aware. And yes I am a 25+ veteran of AGE and now WFA. Of course with this firm, anything can happen and wouldn;t be a bit surprised if the $150k cut actually happened. Envision and forefront is an easy deal for the long termers to that want to stay at WFA. Its a payout defferred over 9 years. We had financial horizons in the past and the clients never really cared about the reports. In this case you just filled in the blank forms and create the envision report. It is a hokey process that will ultimately cost WFA millions of dollars in deffered comp. The clients that stay thru all the BS from AGE to Wach to WFA are already loyal clients. Loyal to the FA not the company. The WFA client has been jerked around so much and now the account fees, shows there loyalty remains with the FA not WFA. All WFA FA;s best be prepared for more Bitching and complaining from clients once the new account fees hit the accounts later this year. The envison reports are meanlingless to the client, but account fees that nickel and dime the clients. WFA will certainly see what clients are loyal after the account fees. Lets face it, most FA's are simply order takers, and many clients know of the on-line commission savings. Getting rid of low producers won't save accounts, but wil save money especially when it comes to insurance benefits and costs to keep the low producers in the office. Let's see what happens in the next 6 months, It should be interesting times. Ben Edwards would always tell us how many FA have been newly hired or quit the firm. Now a days we never know how many FA have choosen to leave WFA. The only thing that holds FA to WFA is the retention bonus that they all got and don;t want to pay the money back to go elsewhere. Wach was pretty shape in finding a way to retain brokers. The big question is what happens after the 66 months for retention bonus is up. My prediction...many brokers leave and retire or look elsewhere. It;s a tough industry and most all AGE brokers have been kicked in the ass real hard and have been screwed after many years of hard work. The merger between AGE and Wach was the worst thing that could possibly happen to some very good hard working and quality people. Ben Edwards was a ICON within the industry.Ludeman has already warned and told all FA’s in the system that Wells will not
pay retention bonuses due to political pressure and TARP money that Wells received.
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Who the hell thinks there still getting a retention bonus???!! Good grief you cant be serious.
[quote=Downunder]This thread appears to be all RUMORS…no one in the WFA system has gotten any letters for producers under the $150K production level and potential layoffs. We have several producers under these levels and no one has gotten any memo, emails, or offical corporate letters stating they will be terminated by June 30th, 2009. It is possible that it may happen, but not within the next three weeks. Also seriously doubt that WF will provide any retention bonus at all. Ludeman has already warned and told all FA’s in the system that Wells will not
pay retention bonuses due to political pressure and TARP money that Wells received. So it is doubtful that any layoff will happen. Yes, the Regional Trust Reps have been eliminated. With volume down on the exchanges, certainly volume is down for revenues. That is an inheiritent problem within the industry. So until we hear something concrete and believable, these posts and thread would be considered rumors and sensationalism, with the intent to create havoc and dispear within the inner walls of WFA. No ISG employees have been given walking papers either that I am aware. And yes I am a 25+ veteran of AGE and now WFA. Of course with this firm, anything can happen and wouldn;t be a bit surprised if the $150k cut actually happened. Envision and forefront is an easy deal for the long termers to that want to stay at WFA. Its a payout defferred over 9 years. We had financial horizons in the past and the clients never really cared about the reports. In this case you just filled in the blank forms and create the envision report. It is a hokey process that will ultimately cost WFA millions of dollars in deffered comp. The clients that stay thru all the BS from AGE to Wach to WFA are already loyal clients. Loyal to the FA not the company. The WFA client has been jerked around so much and now the account fees, shows there loyalty remains with the FA not WFA. All WFA FA;s best be prepared for more Bitching and complaining from clients once the new account fees hit the accounts later this year. The envison reports are meanlingless to the client, but account fees that nickel and dime the clients. WFA will certainly see what clients are loyal after the account fees. Lets face it, most FA's are simply order takers, and many clients know of the on-line commission savings. Getting rid of low producers won't save accounts, but wil save money especially when it comes to insurance benefits and costs to keep the low producers in the office. Let's see what happens in the next 6 months, It should be interesting times. Ben Edwards would always tell us how many FA have been newly hired or quit the firm. Now a days we never know how many FA have choosen to leave WFA. The only thing that holds FA to WFA is the retention bonus that they all got and don;t want to pay the money back to go elsewhere. Wach was pretty shape in finding a way to retain brokers. The big question is what happens after the 66 months for retention bonus is up. My prediction...many brokers leave and retire or look elsewhere. It;s a tough industry and most all AGE brokers have been kicked in the ass real hard and have been screwed after many years of hard work. The merger between AGE and Wach was the worst thing that could possibly happen to some very good hard working and quality people. Ben Edwards was a ICON within the industry. [/quote]Well put! I will go one further. I think that WFA will be floored at the amount of advisors who will walk by the end of the year. I know of many who are working out their deals and lining up their ducks to leave later in the year. Most, us included, want to put a bit more distance between the market bottom and thier move. Timing the move after the account fees hit should also help the cause.
I also agree that the retention is the only thing that is keeping most there. If we were all a bit smarter and didn't invest the money, then I think that more would have left already.
In this case you just filled in the blank forms and create the envision
report. It is a hokey process that will ultimately cost WFA millions of
dollars in deffered comp.
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I dont get this. Are you referring to your old AGE plans costing $$$ in deferred comp pymnt? Because the Envision/Forefront is not def comp but a forgiveable loan paid upfront.
I think that WFA will be floored at the amount of advisors who will walk by the end of the year
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Do you really think WFA cares?? There are a ton of FA refugees out there looking to fill those empty seats. Look at the UBS layoffs. They will be happy to get paid to take a seat at WFA. One thing I have learned is EVERYONE is replaceable.
Rumor is that WFC is already floored by the # of FA’s/teams that have left that were 1mm + producers. There has already been a mass exodus. Just ask any leftover AGE/WF brokers in the New York, Naples, Boca Raton, Miami, Palmetto Florida branches. No doubt the 150-200K 5 year LOS brokers are getting ready to get sliced out of the mix. The regional Mgr here is already publicly talking about it. The average break-even per broker in most regions is in the 150-200k gross range. These order takers need to find a job at the local Eddie Jones office as a registered assistant or something of the like…
C'mon. If you have been in the biz for 5 years or longer and thats all the gross you can muster up? You definitely picked the wrong profession. And you can't blame it all on the economy because the last 6 months have been some wonderful asset harvesting times from blokes like yourself. Anyone denying the fact the WF Advisors cuts are coming needs a reality check. Every firm trims dead weight and it is long overdue at AGE/WB/WF Advisors.Bud, you’re pretty close on the break even at $150-$200k. It’ obviously different in every branch. I know my buddy who manages a Morgan Stanley office had to get $227k per FA last year to break even based on his branch P&L. That’s in a branch with about 25 FAs in a decent market. Clearly bigger offices with a lot of top end producers can afford more trainees, and more dead weight. In small market offices with say… 10-12 FAs, even though overhead is typically lower, I can’t imagine the number being much less.
I was told that nearly an entire branch up in Michigan recently left… I believe they went to Stifel ?
It would be interesting to see a scorecard on how many advisors have left vs how many FA transfers they have paid to join (and how much has been paid to sign them). FA cuts wouldn't surprise me, and I think it will happen. I don't know that AGE ever laid anyone off -- even in bad times. Well it's a different company now, the culture is different, mgt is different, etc. If half the firm's T12 is below 300k it seems unreasonable to think that would be the cutoff.It's all based on circumstances. I have a buddie at a WS branch, he said there are 6 brokers, 23 empty offices/cubes. How can the breakeven be 200K+ in that case. I would think a guy doing 150K would be far better than the desk collecting dust. [/quote]A guy only doing 150k needs to let the others that can do more have his book and leave. 6 brokers had better be doing close to 500k each or that office is history. If anything, the break even would go up because of the fixed costs being spread across less brokers. 6 chairs filled out of 29. That is funny. How many support people? 1 probably to answer the non-ringing phone and copy the mail.[quote=burtonfinancial1]Bud, you’re pretty close on the break even at $150-$200k. It’ obviously different in every branch. I know my buddy who manages a Morgan Stanley office had to get $227k per FA last year to break even based on his branch P&L. That’s in a branch with about 25 FAs in a decent market. Clearly bigger offices with a lot of top end producers can afford more trainees, and more dead weight. In small market offices with say… 10-12 FAs, even though overhead is typically lower, I can’t imagine the number being much less.
Leave it to a Buckeye to beat down a Michigan branch!
Layoffs at Wellwachedwards? That wouldn't surpise me a bit. Wachovia is the old Prudential and those folks were pricks of the first order. Masters at ripping off clients, clusterf**ks when it came to running a profitable business, and no problem blaming everyone but themselves. That they would fire any broker is just the same old same old.
I've never met anyone who was happy at Pru/Wach. Shame that Edwards sold out to them. The culture shock from going from a honest management to Wells/wach should have been enough to force most of Edwards sales force to commit suicide just out of honor. Now, those who chose to stay with the dirtbag company get to pay for that decision.It's all based on circumstances. I have a buddie at a WS branch, he said there are 6 brokers, 23 empty offices/cubes. How can the breakeven be 200K+ in that case. I would think a guy doing 150K would be far better than the desk collecting dust.Bud, you’re pretty close on the break even at $150-$200k. It’ obviously different in every branch. I know my buddy who manages a Morgan Stanley office had to get $227k per FA last year to break even based on his branch P&L. That’s in a branch with about 25 FAs in a decent market. Clearly bigger offices with a lot of top end producers can afford more trainees, and more dead weight. In small market offices with say… 10-12 FAs, even though overhead is typically lower, I can’t imagine the number being much less.
[quote=fritz]
It's all based on circumstances. I have a buddie at a WS branch, he said there are 6 brokers, 23 empty offices/cubes. How can the breakeven be 200K+ in that case. I would think a guy doing 150K would be far better than the desk collecting dust. [/quote] Sounds like an office up for consolidation or closure, especially if they had advisors doing 150k.[quote=Buckeye][quote=fritz]
It's all based on circumstances. I have a buddie at a WS branch, he said there are 6 brokers, 23 empty offices/cubes. How can the breakeven be 200K+ in that case. I would think a guy doing 150K would be far better than the desk collecting dust. [/quote] Sounds like an office up for consolidation or closure, especially if they had advisors doing 150k.[/quote]6 advisors, 23 open cubes?... sounds like an office in a particular city in Northern CA that will go unnamed as to not thoroughly embarrass the manager. That WFA office has bled brokers from 30+ down to 5 or 6 there as of a few weeks back. In fact, I don't think the former manager is even there anymore.
Sounds like my AGE Branch…9 Brokers and 9-10 empty offices. out of the 9 left I would say 1 is about 450k and two are about 350k everyone else is 250k and under with 3 probably under 150k…pretty sad.
I have been following things and finally registered and saw the layoffs discussion - is this just really rumor, we have never had a layoff in 20 years in my office and no matter what people make they just go on forever. we have new hired people here for 2 and more years who are not anywhere near their prod . levels and they are never let go.
they either leave on their own eventually or just keep working so has anyone actually seen someone let go ?? we have about four who are using up space now - one was actually hired as a fc -word in ISG is if you are annualizing less than 250k as of Jun 30, you will be gone. I dont know this for fact but was told that individuals who are in this category have been advised of this. I dont doubt this possibility any longer, seeing what happened at UBS.
Are the old wachovia ISG groups with wells fargo banks now ?
It truly is just rumor that anyone will get laid off , with all that have left on their own, maybe we can get better service now with less people to tend too. \ If they get rid of our office laggards it would be amazing and a good thing because they are using up service help too . . I am one of those old pru people and not all were as someone described as negative. there are always good and bad in every branch and every firm . and not all AGE people were grand - the AGE people I have met are arrogant and think they were the best thing going and from who I have met not many are anyone i would be friends with the attitude they have. I am tired of hearing how wonderful age was and I loved it at pru but dont go on and on about how good i was treated and we did have contact with the higer ups at pru and we were a close group overall ..I wish it was just a rumor. I heard from a person in a regional president’s office that it was coming. Then I came to this board and someone had started this discussion. So my feeling is that the person from the RP’s office has never lied to me before, and had no reason to lie about this. I was told that it takes some time to make this happen but it is going to happen. There are lots of legal issues to work through.
I know my production is high enough, but we have a couple in the office who could be in trouble. I guess nearly every legacy AGE office probably has a few in trouble. Remember when the merger was announced Danny talked about the difference in production between AGE and Wach. Danny said the goal was to have the average be somewhere closer to the Wach numbers. There are only a few ways to do that. Many thought Wach had some magic way to get more production from the AGE people. AGE people do not want to believe that the easiest way to increase the average is to cut off the low producers.
I am legacy AGE and realized along time ago that the firm I grew up in is gone. Others have not, they complain about everything. I do not want to see people loose jobs. But I have already seen an unprofitable office closed, other offices merged, and even more lost support staff. So why is it so hard to believe that broker cuts are not possible.
The notion that low producers do not cost the firm anything is false. Edwards lived by it and we believed it. But it is not true. For every broker there is a lot of home/local office staff.
We work for a bank and were sold to another bank. The world has changed. AGE was client first, Wach told us upfront that they were broker first. What did you think that meant? No company puts low producing sales people first. Broker first… as long as you are a big producer.
FWIW. Someone who returned from a trip from HQ was told letters are going out to low producers.
I have been told directly by 2 reliable sources that there is going to be significant pressure on FAs < $300k. Wells management is not going to be very tolerant of the bottom 1/3rd of producers and pressure is on WFA management to make major changes. If you know anything about the Wells Fargo bank based advisory program, you’d know there’s zero love for FAs < $500k at the very least.
Under 300k? So that would mean a big chunk of the sales force would be pressured in light of the past 12 months falling production. Doesn't sound like it's going to be a fun place to be especially if you're legacy AGE.I have been told directly by 2 reliable sources that there is going to be significant pressure on FAs < $300k. Wells management is not going to be very tolerant of the bottom 1/3rd of producers and pressure is on WFA management to make major changes. If you know anything about the Wells Fargo bank based advisory program, you’d know there’s zero love for FAs < $500k at the very least.
I heard something little different from hays and ludeman. Anyone doing under 750 will be canned by June 30. Any other reliable sources?
It’s not fun to be in any of the wires < $300k. Your production is down, AND the grid is pretty unforgiving, although it’s been better for WFA guys in that respect this year, at least for the time being.
Two in our market have 2 months to do a certain number, which considering what they have done in the last 4+ months is unreachable. Both are under 150K.
What did you hear about the trainees at Wells Fargo getting let go?
If so, what is their requirement?
Does the <150K include FCA's?
What are you referring to the upcoming account fees for WFA Clients?
Who the hell are you talking to?
Anyone see the email where WFC is changing pay to twice monthly starting Jan 2010?
Guess the question is will the position will still be commission or a salary. Guess a straight salary would be very easy to pay out twice a monthAnyone see the email where WFC is changing pay to twice monthly starting Jan 2010?
[quote=3rd ID]Anyone see the email where WFC is changing pay to twice monthly starting Jan 2010?
[/quote]
Did you read the whole email? 100% commissioned will be determined at a later time. My guess it stays the same. Commissions mid month and that small thing at the end.
I believe the email said it would be for all WFC employees. I dont get your point about it staying the same? Wach has been once monthly pay since Ive been there.
Forefront snapshot in 11 days. Everyone get their Envisions done? Mkt has got to hang on till then…please.
0/my book. Willing to come with me if I shoud ever make a change (ha ha), every client I have spoken too with plenty of encouragement.Forefront snapshot in 11 days. Everyone get their Envisions done? Mkt has got to hang on till then…please.
Hey Guys…
Can anyone tell me where I can find the quote from liar Ludeman about his philosphy that the clients belong to the broker?
Thanks…I think that I will need it when they go after my clients when I leave soon.
Thanks
Mike
I recently was at WFA and left to start my own RIA. I still have some good friends back at WFA some of who are still in the Associate Financial Consultant position. They have recently received an overview of minimum production standards that everyone will be subject to. They consulted with the RSM to figure out if they were in jeopardy of losing their position; needless to say the RMS only said "they don't need to worry about it". I don't necessarily agree with that as a couple of them are under 150K in T-12. What are your thoughts or suggestions regading this? Should they be looking for option B?
Thanks,What the heck is an associate FC?
Just curious when the cuts are coming for the "close to the 350K" level??. We just hired our third (in two months) 250K t-12 guy this afternoon.Wells Fargo Advisors is now focusing on recruiting 400k+. They hope to replace any loss revenue from the upcoming layoffs by recruiting higher producers. The layoffs will fast and closer to the 350k than many expect. I hope you have a plan B
Just curious when the cuts are coming for the "close to the 350K" level??. [/quote] When the firm decides they want to cut probably more than half the workforce. In anotherwords I wouldn worry about it if you are doing anywhere near 350K. Less than 150K and you need to pick up your game imho.[quote=alphapack]Wells Fargo Advisors is now focusing on recruiting 400k+. They hope to replace any loss revenue from the upcoming layoffs by recruiting higher producers. The layoffs will fast and closer to the 350k than many expect. I hope you have a plan B
Talked to some people in the mid west today. They were asked by their Regional to cut back to 1 staff person per 1 million in gross. Not just assistants , total staff vs production.
That's counting Reception ops etc...[quote=Redpen]Talked to some people in the mid west today. They were asked by their Regional to cut back to 1 staff person per 1 million in gross. Not just assistants , total staff vs production.
That's counting Reception ops etc...[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
I had heard that Wells Was going to eliminate their trainees; do you have any confirmation of this?
This is coming, was told today on cc that the number is much lower than what was already stated on this board. RP said anyone under $100,000 is gone.
EO
Bingo.
They laid off three support staff in my office and are centralizing functions into one “complex”. The only support staff left are those covered by the “1 support staff per $1million revenue” rule. Those staff are now expected to support the FAs as well as answering the phones and greeting people at the front door.
Grasshopper…what region are you in, how large is your branch? Are you legacy WB or AGE?
This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book?
No kidding huh Ferris. just stack them outside, put some kindling round their ankles and light them up. get some real enjoyment out of it.
[quote=maddog]
[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month…market down, wells is cheap and brokers are leaving and they haven’t brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book? [/quote]
We are actually overstaffed. When I transitioned all acct paperwork was mailed and handled by a team in the home office. I have my own asst like I did at AGE, we have a receptionist/cashier, Ops MGR, and several assistants in the office.
[quote=nestegg] [quote=maddog]
[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book? [/quote]
We are actually overstaffed. When I transitioned all acct paperwork was mailed and handled by a team in the home office. I have my own asst like I did at AGE, we have a receptionist/cashier, Ops MGR, and several assistants in the office.
[/quote] Stuggling like Wells? ? ? Comical.
Today my Market Manager laid off all Cashier/ ops Mgr…8 people. In the area
Northwest Region given directive on June 19th - 1 support staff per $1.3 million. Multiple layoffs throughout the region.
Can office consolidation be far behind?
Hope you’re trailing twelve is healthy. Doesn’t sound like WFC is too forgiving.
Until i see ONE "productivity manager" get cut brokers have nothing to worry about. I think the main focus now is headcount. Even the 100K level on here one mentioned was flexible. All you had to was 12,500 in a month recently you did not even have to have a t-12 of 100K.Northwest Region given directive on June 19th - 1 support staff per $1.3 million. Multiple layoffs throughout the region.
Can office consolidation be far behind?
Hope you’re trailing twelve is healthy. Doesn’t sound like WFC is too forgiving.
[quote=QB][quote=nestegg] [quote=maddog]
[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book? [/quote]
We are actually overstaffed. When I transitioned all acct paperwork was mailed and handled by a team in the home office. I have my own asst like I did at AGE, we have a receptionist/cashier, Ops MGR, and several assistants in the office.
[/quote] Stuggling like Wells? ? ? Comical. [/quote]
Comical...why? Is Wells expanding and adding new offices brokers and staff? Or are they contracting laying people off and closing offices? Hmmmm lets see which is the sign of a healthy company and one that is struggling? Oh yeah and that TARP $$ and all those bad loans still on the books...you know signs of health lol
Until i see ONE "productivity manager" get cut brokers have nothing to worry about. I think the main focus now is headcount. Even the 100K level on here one mentioned was flexible. All you had to was 12,500 in a month recently you did not even have to have a t-12 of 100K.[/quote][quote=WSxAG]Northwest Region given directive on June 19th - 1 support staff per $1.3 million. Multiple layoffs throughout the region.
Can office consolidation be far behind?
Hope you’re trailing twelve is healthy. Doesn’t sound like WFC is too forgiving.
Productivity managers are on the way out now.
Hot off the presses............... from a couple of under-producing WFC brokers in our office. The manager met with them and told them that since their LOS >5 years and their T-12 and projected calender year is < 150k, they are being put on PIPS. 90 days to significantly improve and hit benchmarks or else resign or be fired. We have quite a few people in our office of 40 some that fit this parameter but only a couple had the balls to fess up the details. I guess this is what WFC is doing rather than an immediate broker sweep. Anyone else have any info like this or other details?
[quote=Bud Fox]
Hot off the presses… from a couple of under-producing WFC brokers in our office. The manager met with them and told them that since their LOS >5 years and their T-12 and projected calender year is < 150k, the are being put on PIPS. 90 days to significantly improve and hit benchmarks or else resign or be fired. We have quite a few of guys in our office of 40 some that fit this parameter but only a couple had the balls to fess up the details. I guess this is what WFC is doing rather than a immediate broker sweep. Anyone else have any info like this or other details?
[/quote]Those pikers should commit hari kari to restore the lost honor to their families.
[quote=Bud Fox]
Hot off the presses............... from a couple of under-producing WFC brokers in our office. The manager met with them and told them that since their LOS >5 years and their T-12 and projected calender year is < 150k, they are being put on PIPS. 90 days to significantly improve and hit benchmarks or else resign or be fired. We have quite a few people in our office of 40 some that fit this parameter but only a couple had the balls to fess up the details. I guess this is what WFC is doing rather than an immediate broker sweep. Anyone else have any info like this or other details?
[/quote] Our place hired and has still been hiring 250K types, some have been over since January and couple doing about 10K per month. Out of 30 we have probably 6-8 (probably more on projected vs T-12) who would be under 150k projected. T-12 level is 100K from what I have been told by few different people. If you did 12.5 recently that covers you on the projected. If someone got talked to they are doing well under 10K per month from what I can see.With all due respect to those lower producing broker with t12 under 200k how do you live with 2000 check a month with the new grid? Maybe it’s time for a change?
With all due respect to those lower producing broker with t12 under
200k how do you live with 2000 check a month with the new grid? Maybe
it’s time for a change?
skbroker - Much better they stay where they are at and get a $2,000 check from Wells then quite/fired and get only $350 a week unemployment and no benefits. Plus, the state (us) would have to pay the later.
[quote=skbroker]With all due respect to those lower producing broker with t12 under 200k how do you live with 2000 check a month with the new grid? Maybe it’s time for a change?[/quote]
You were the same douche who did not believe any of this when this
thread started a month ago. Now you think maybe it’s time for change.
Some people on this board actually bring good info. You are not one of them.
I am just waiting for another dumb comment on retention.
I have been waiting to write this since they day you posted on this thread. Maybe just maybe some of us know more than you.
Wow. You are one dumb mofo. Read the comment again you retard
You ve been waiting for me to write a post on this thread? Get a life
[quote=Ernie Olde]
My understanding from a person inside a regional president's office is that they are going to lay off brokers. The number is not as high as $350k. Something closer to $200k. [/quote]Whats a regional president? Not familiar w/ that position.
[quote=skbroker]I heard something little different. The upper management is considering offering salary of about 60g for fa’s and 10 percent bonus on trailing 12[/quote]
Douche!!!
[quote=skbroker]I have also heard wells will finally give us retention as soon as they pay back tarp. 100 to 200 percent trailing 12 based on 2007 numbers[/quote]
Bag!!!
[quote=skbroker]Wow. You are one dumb mofo. Read the comment again you retard[/quote]
Talk about retard! I have a life doing whatever I want. Your 200+ useless posts suggest you do not.
I heard all douche bags are going to get 200% retention based on 2001-2007 numbers.
Message board tough guys will even get $100k extra bonus.
Looks like your lucky day douche bag
Hey Ernie
I spoke to stumpf over the weekend and he mention he’ll raise the forefront deal by 30 percent. Can you believe it? Hey dumbsh*t. Ever heard a thing called sarcasm. Wow
U actually had the time to research past posts? You are a fuvking winner!
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