Wachovia layoffs
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[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.
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.
[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