SB Retention
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Maybe you could buy a marketing list of clients of Smith Barney brokers that are on a retention package.
LOL...I crack myself up.[quote=HymanRoth]
Squizz:LMAO[/quote][quote=HymanRoth] [quote=Squizz]
And you thinking that MSSB offering a retention award will give you additional fodder to go after accounts from the 2 firms is laughable. I am not slamming you, your posts just make me laugh.
[/quote]
I’m not slamming YOU, but if you don’t understand how it’s going to make it easier for us to get ink on paper when it comes to ACATS forms, you are REALLY out of touch with how your clients are feeling right now.
IF MSSB retention makes front page news in the WSJ or the business section, it will just make it far easier for clients to understand the benefits of working with an experienced professional who is in private practice, not a salesman for a big firm who can’t seem to even manage their own assets prudently.
I predict that over the next year I'm going to be laughing all the way to the bank....
[/quote]
Psychological madness comes in many forms. Laughing, while responding to internal stimuli, is one manifestation.
Recruit Back-Ends
Hey Squibb- any idea on how this will pan-out for brokers who are already on contract w/ either SB or MS and how it affects their back-end deals tied to signing "bonus"?It doesn’t affect any back end deals. But your retention award will be reduced by the amount that remains or your original FL, prorated by the month.
So if the deal closes in August, what ever is left on your note through August will be deducted. I am told. Again, nothing has been finalized so things can change.[quote=Hank Moody]
[quote=HymanRoth]
Squizz:LMAO[/quote][quote=HymanRoth] [quote=Squizz]
And you thinking that MSSB offering a retention award will give you additional fodder to go after accounts from the 2 firms is laughable. I am not slamming you, your posts just make me laugh.
[/quote]
I’m not slamming YOU, but if you don’t understand how it’s going to make it easier for us to get ink on paper when it comes to ACATS forms, you are REALLY out of touch with how your clients are feeling right now.
IF MSSB retention makes front page news in the WSJ or the business section, it will just make it far easier for clients to understand the benefits of working with an experienced professional who is in private practice, not a salesman for a big firm who can’t seem to even manage their own assets prudently.
I predict that over the next year I'm going to be laughing all the way to the bank....
[/quote]
Psychological madness comes in many forms. Laughing, while responding to internal stimuli, is one manifestation.
[/quote]
What do you mean by that?
At the heart of the issue is whether such payments would impede a
financial institution from using bailout funds for their originally
intended purposes: to stabilize their businesses and defrost the credit
markets."
It was only a matter of time. This will get big time scrutiny. The only question is whether or not the bonuses will be rolled back under pressure. The above quote, from the article shows that the last comment in the article was correct - the legistlative beaurocrats wouldnt know what it takes to stabilize a business like ours if it bit them in the ass. Its all about the show, and looking good in a high profile way to their constituents.
Yep…
There could definately be a wrench in the works and any award could easily be blown up. Firms may even use this as an excuse not to offer transition and retention awards. I still believe it will happen, but if it doesn't...oh well.I believe it will happen as well. They are better to announce earlier than later though. Hopefully Monday.
Not until the 20th.I believe it will happen as well. They are better to announce earlier than later though. Hopefully Monday.
http://wallstreetletter.com:80/Home/ArticleLogin/2092704/MorganSmith_Barney_To_Pay_Retention_To_75_Of_Combined_Force.aspx
[quote=uptick09]
Nomadi, Can you copy and paste the article? I was unable to read article by clicking the link. Thanks,[/quote] You have to be a subscriber of the "publication" to read the full article. That snippet has been online for a few weeks now, so the Monday they refer to is not tomorrow (February 9th); and, they have no more of an idea as to what the details of the possible retention are than you or I do. If anything, listen to Squizz as he seems to have a bit of inside info on the package.I just got a call from a friend of mine at Morgan Stanley, who assumed I was still at SB. He had been told last week that there would be a retention on the MS side, similar to what’s been posted above. He wouldn’t be eligible, because he only did 450 in production last year.
I’m sticking with my original prediction. For that matter, it wouldn’t surprise me if there were no merger at all.
I can just hear it now:
"Welcome to Bodysurf Psychic and Brokerage, may I take your order?"
Seems like you tend to stick to your opinions. Anyway, why would anyone be surprised if there were no joint venture? These days with the craziness we’ve experienced, nothing is done until it’s done. From what I read, both firms have the option of pulling out anytime they want without any consequences. Not to mention, even after it goes through, it can be stopped. It’s in stages and certainly change.
Lastly, he wasn’t told what the retention will be, as it hasn’t been finalized and announced yet. The retention is supposed to be the same for both SB as well as MS. No difference.
CNN just played a tape of Gorman telling everyone (on a conferance call) to not use the word “bonus” in regards to retention. Sounded pretty flimsy how he was skating around the heat out there. Then report went on ask how these firms that are losing money can offer anyone any money regardless of what word is used, “award” or “bonus” or "retention…
Anderson Cooper’s blog:
http://ac360.blogs.cnn.com/2009/02/11/when-it-comes-to-bankers-i-so-miss-hanging/
I miss hanging. Beheading is nice, too, but it’s more messy.
Besides, with a good hanging, you get to watch legs flail. And nothing
beats legs a-flailin’.
Why, besides simply an appreciation of the art, do I miss hanging? One word: bankers. You see, we recently gave some bankers at Morgan Stanley and Smith Barney, and the like a whole lot of money. Money measured in the billions. In fact, money measured something on the order of $60 billion for those two companies alone.
Link to the conference call:
http://www.huffingtonpost.com/2009/02/11/bailout-recipients-giving_n_165624.html