Wachovia

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Jan 28, 2009 9:15 am

So is there a retention plan out yet or no?

 
That other topic has a astronomical 105 pages...
Jan 28, 2009 11:15 am

Here's to another 105!

Jan 28, 2009 12:04 pm

Wohoo!

Jan 28, 2009 10:16 pm

wells earnings came out today.   no retention mentioned.  maybe the will wait until next quarter.

Jan 28, 2009 10:21 pm

As a former manager, I would always call my regional to find out what was happening.

I know Galli is gone, but what are guys like Petribergio (spelling?) saying?
 
They know what is going on.  Are they talking.
Jan 28, 2009 10:33 pm

They do not seem to know what is going on.  There are now as many levels between us and them as there are between them and what is going on. Interesting thing is that the Wachovia versions of Rob don't seem to be bothered by the degree that they are out of the loop. They are not decision makers and the WB guys just go with it.

Jan 28, 2009 10:37 pm

So, I joined Wachovia (ISG)  from wirehouse a few years back. One big selling point was all the great referrals I would get from my banking partners.  With their goals tightening and their leadership incompetent they FSs have become a rather dangerous bunch.  Not only are they not turning up any good leads, they are pilfering through my book advising MY client that they need to sell their existing investments and put it all VAs or CDs.  I am getting a bit tired of my biggest competitor being my own firm.  And for this pleasure of this headache, I am turning down 150-200% deals in hopes of a retention?  I think I need professional help...or a stiff kick in the butt.  Anyone else feeling isolated?

Jan 28, 2009 10:49 pm

misfit...that's not a good situation. my team's still hunting, though they've clearly been distracted. none of them have any interest in personal production - they get almost the same cut for a referral without the effort of servicing the biz.

 
i came to isg in '04 from a wirehouse and the fs squad was like the wild west. i ended up busting a few trades that made them even more furious.  then took them out to a steakhouse to present my story.  that event really changed things, it was the first time someone did something for them.
 
keep in mind that the fs is treated like chattel by everyone - mgmt, clients, other bankers.  i know it's counter-intuitive, but being the one person looking out for them might turn things around for you.  a few deposit referrals from time to time doesn't hurt either.
 
good luck to you...
Jan 28, 2009 10:53 pm

Good points Huskie...I know you are right...have to be the bigger man and all when every fiber of my being says bust heads!  Thanks

Jan 28, 2009 10:53 pm

f'ing off topic...just trying to help a brotha out...


it won't be 150%, but it will be just enough for most to stay.  these midwestern bankers are pretty sharp.