Wachovia Securities for Sale?

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Jan 9, 2009 7:57 pm

No communication so far

No retention

and NO name of the firm. That should be the easiest part. Not hard to pick a name.



So what other signs have you seen that confirm this and who would buy us?



Don't bother replying if your answer contains boiling frogs or that we are without stones.

Jan 9, 2009 9:40 pm

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.

Jan 9, 2009 9:42 pm

FAs in our office have been wondering the same thing.  For the life of me, I can't understand why retention and the new name havn't been announced.  Although it would make sense that we could be for sale, I would be surpised for two reasons.  1.  Wells Fargo's branch network plus Wachovia Securities' platform can be a powerful combination.  2.  Danny's email today states that the number one priority for Wells Fargo is to grow the profitabilty of the Brokerage and Wealth Management divisions.  Unless he is Bob Bagby and blatantly lies, I don't think we are for sale. 

 
Truthfully, I think Wells doesn't want to pay us a retention.  That's why we haven't heard anything.  If Smith Barney and Morgan merge, however, and they receive a retention, that will light a fire on Wells to offer one or many people will be gone. 
 
Wells is a conservative bank.  However, in this case, IMO it is being penny wise and pound foolish. 
Jan 9, 2009 11:21 pm

Grow Profitability=read...no retention and lower payouts....that doesn't mean a happy place for clients or brokers...just they want more $$

Jan 10, 2009 12:40 am
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.






Jan 10, 2009 12:50 am

I was speculating the same thing with some other FA's. Could WFC be looking to sell us off? How the hell they cant figure out retention and a name change is beyond us? At least communicating where things currently stand might help. No news is bad news in this case. 

Jan 10, 2009 10:24 am
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.





Did you have anything RELATIVE to add besides stating the obvious, you stupid cumdumpster.

Jan 10, 2009 10:36 am

OH Great!!!

A new name and more potential changes, my client and I can't wait! Just think, if WS gets sold that will be , how many changes??  AGE to WS to Citi to AGE to WFC to...........?  Wow, only 6....and I didn't even change chairs!  That is breath taking!
Jan 10, 2009 10:40 am

Were they shopping us to Morgan Stanley and C made them a better deal?

Jan 10, 2009 11:05 am
Tarheels:
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.



Did you have anything RELATIVE to add besides stating the obvious, you stupid cumdumpster.

 
Calm down tough guy. Why would anybody buy a sinking ship?  Just about any firm can get all the brokers they want without paying the firm a dime.  WFC paid nothing for WS, everytime a broker leaves, especially an AGE broker, WFC is making money by losing the deffered comp and bonus liabilities, and repayment of existing retention that was calculated using much higher production numbers.  I don't think WFC wants 20,000 brokers, especially in smaller markets where they already have bank brokers. No retention makes sense. 
If there is a retention bonus, I would expect it will come in the form of gift certificates to wachoviastore.com and autographed pictures of Bob Bagby.  They will probably throw in a set of red/black pom poms so you can sing the WFC jingle every morning.  On a serious note, do whats right for your customers and your family, don't chase a check.
Jan 10, 2009 11:51 am

"Unless he is Bob Bagby and blatantly lies, I don't think we are for sale"

 
Maybe not Bagby but dont think he wont feed you the home office line of B.S. in a skinney minute. This is starting to feel like 'hanging chad' I don't think they (WS home office) are capable of keeping a big dark secret but more they have no clue and are waiting for the master to toss the stick and say go fetch.
Jan 10, 2009 12:43 pm
Tarheels:
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.





Did you have anything RELATIVE to add besides stating the obvious, you stupid cumdumpster.


Something relative to add? 

Is that anything like adding something relevant to the discussion?! 

Friendly bit of advice: next time you want to insult someone's intelligence, you might want to make sure you avoid using the wrong word yourself. 

Jan 10, 2009 7:53 pm
Morphius:
Tarheels:
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.





Did you have anything RELATIVE to add besides stating the obvious, you stupid cumdumpster.

Something relative to add? Is that anything like adding something relevant to the discussion?! Friendly bit of advice: next time you want to insult someone's intelligence, you might want to make sure you avoid using the wrong word yourself.





Thanks for nothing, grammar nazi.

Jan 11, 2009 12:00 am
Tarheels:
Morphius:
Tarheels:
mnbondguy:

I think all the employees of WS have noticed a persistent pounding sensation in the rectum since 10/07.





Did you have anything RELATIVE to add besides stating the obvious, you stupid cumdumpster.

Something relative to add?  Is that anything like adding something relevant to the discussion?!  Friendly bit of advice: next time you want to insult someone's intelligence, you might want to make sure you avoid using the wrong word yourself. 





Thanks for nothing, grammar nazi.


The truth is too much for you, apparently.  And I won't even belabor your astute dexterity with the computer.

Obviously poor grammar is not your only shortcoming. 

Jan 11, 2009 10:04 am

Did you have anything constructive to add to this thread Morphius or do you still feel compelled to make up for your small penis?

Jan 11, 2009 11:14 am

FB,


I agree.  The name change will be the key.  A retention will come - but the end game will be revolve around the name change. 
 
As mentioned in another's comments - ISG will get lifted out and absorbed with WFC.  WS will/is explore(ing) option with RJ.  Probably be set up as LLC with WFC taking a position similar to what PRU had with WS.  New name and separate identity for PSG. 
 
 
Jan 11, 2009 11:18 am

Interesting article on this deal:

 
http://www.cnbc.com/id/28579003
Jan 11, 2009 11:21 am

That's what makes it interesting.  They have a major problem they need help with.  Their channels are similar to WS. 

 
 
Jan 11, 2009 11:40 am
Ferris Bueller:

RJ has some serious liability with the auction rate bonds they sold clients. Even DL has referred to their pending problems.

 
Don't take anything DL says to serious.  He has been 100% wrong on just about everything.  He has constantly disparaged the ability of regionals to survive without merging with a "universal" bank, especially RJ and SF.  My friends at WS were especially iritated when he said on a call how "fortunate" they were to work for such a strong parent co (the Wednesday before the Citi deal for $1 a share). 
 
DL was very excited about the Wells deal, he called it his "end game", and it was his "dream".  Somebody needs to remind him that his "universal" bank model wiped out thousands of employees networths.  The home office employees bonus pool was cut by 80%.  Ray Jay and the rest of the regionals will continue to grow organically, they will not be absorbed by some wirehouse. 
 
Jan 11, 2009 11:55 am
Ferris Bueller:

RJ has some serious liability with the auction rate bonds they sold clients. Even DL has referred to their pending problems.




RJ has access to TARP money (thru RJ Bank) don't think that if Tom James sniffed out a good deal he wouldn't tap those reserves (just as MS may do for SB).