Wachovia layoffs

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Jun 4, 2009 3:27 pm

I heard multiple times that Wachovia Securities, wire house not bank,will be cutting producers <350k later this month.  Has anyone else heard this? 

Jun 4, 2009 3:47 pm

I wonder where all their accounts will go......to the other brokers or to the bank?

Jun 4, 2009 4:19 pm

 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.

Jun 4, 2009 4:27 pm

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.

Jun 4, 2009 4:32 pm

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.

 
 
Jun 4, 2009 5:59 pm
alphapack:

I heard multiple times that Wachovia Securities, wire house not bank,will be cutting producers <350k later this month.  Has anyone else heard this? 



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. 
Jun 4, 2009 6:25 pm

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.
Jun 4, 2009 7:13 pm

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!

Jun 4, 2009 9:00 pm

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.
Jun 4, 2009 9:50 pm

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

Jun 4, 2009 9:52 pm

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

Jun 4, 2009 10:04 pm
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





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?!?!   

Jun 4, 2009 10:39 pm
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.

 
 



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. 


Jun 4, 2009 11:13 pm
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



Oh look a carrot.

Jun 4, 2009 11:14 pm

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

Jun 4, 2009 11:28 pm

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.    
Jun 4, 2009 11:38 pm
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.


Since when is independent research gone???
Jun 5, 2009 12:38 am

Anyone doing the forefront just to have a backup plan.

Jun 5, 2009 10:26 am

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

Jun 5, 2009 8:20 pm

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.