Wells Fargo Push Back

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Jan 6, 2009 7:48 pm

The latest speculation heard by a complex manager is that Wells is going to use the TARP and Economic conditions to hinder a retention or drastically minimize one.  Proposal's from Wachovia to Wells continuously being revamped/denied.  

Jan 6, 2009 7:54 pm
Tincup:

The latest speculation heard by a complex manager is that Wells is going to use the TARP and Economic conditions to hinder a retention or drastically minimize one.  Proposal's from Wachovia to Wells continuously being revamped/denied.  

Jan 6, 2009 8:17 pm

Fritz,

Sorry it doesn't blow up your skirt but if you have anything to share it would be appreciated.
Jan 6, 2009 8:24 pm

Like TARP stopped BAC and ML or anyone else for that matter. Are banks lending the money they got from the Gov? No, they are using the funds to finance their survival. They can do what they like. F em, but to not pay, there will forever be hatred and distrust of mgt. What a way to start a marriage. 

Jan 6, 2009 8:28 pm

I agree..

Jan 6, 2009 8:47 pm
Tincup:

Fritz,

Sorry it doesn't blow up your skirt but if you have anything to share it would be appreciated.
 
Whats your point? 
Jan 6, 2009 9:07 pm

I have not heard anything from DL, Manager or any credible source that would suggest that retention would be anything less than standard.  WFC can do what they want.  That being said the BAC/MER is what I think the lowest minimum offer will be.  Smith Barney and Morgan Stanley even paid loyalty awards and there was no merger.  After all these months how does WFC expect to keep this firm in tact after all the delays, all the dates that have come and past from being to early November to before Thanksgiving to after Thanksgiving to before Christmas to just after Christmas and now this week or next.  People have left, but many more have held on waiting because of what DL has said.  There has been not one statement from him to insinuate something less than standard.  IF the word comes out that does not satisfy the masses...a mass exit will happen.  Deals on the street are still there.  Brokers will be motivated to leave with no regrets.  If WFC cannot agree to what is then why take WS on at all.  Sell it.  Give it away.  Most towns have options within miles of each branch.  I do not believe one word uttered that suggests a source that someone knows something.  If that were the case, managers everywhere would have heard and it would be out there in the halls of each branch and not in anonymous posts on this forum. 

 
I for one expect by next week all this will be over.  One way or the other.  I hope for all AGE and WS brokers that we get an offer that keeps us in our seats so we can get back to work.  This distraction is going to be obvious in the production in JAN>
 
Keep those offer letters handy.
Jan 6, 2009 9:09 pm
Ferris Bueller:
fritz:
Tincup:

Fritz,

Sorry it doesn't blow up your skirt but if you have anything to share it would be appreciated.
 

Whats your point?  From what Ive heard you are right on...Heard Danny has submitted numbers at least twice, not his fault.  WFC does not believe they have to pay retention from what Ive heard from several people, Just dont see how anyone can compare this deal to others, they bought the bank for cheap, and keeping the two together helped the FDIC support the deal vs Citi.  I do not know anything more than what people at WFC have told me, but I think the lions have a better shot to win the super bowl next year than retention being paid.



From what you've heard? Is that what the local 16 year old WFC teller told you? Seriously, you are a f*ing joke.

 
I hope you get some retention, sounds like this has been stressful for you.
Jan 6, 2009 9:13 pm

I think many of the WS brokers are sufferring from stockholm syndrome.  The one positive note, is that atleast WFC isn't lying to you like Kenny "the dividend is safe" thompson.

Jan 6, 2009 9:38 pm

I'm just tired of the speculation from those that claim they know things yet really do not.




Not one person on here knows anything, me included..but can say people who work at WFC know far more than people at WS...Do not think one branch manager or complex guy has any idea, some may know what Danny has been going through, but most dont. 
Jan 6, 2009 10:15 pm

I heard a wild rumor from mr stumpf the retention will be from 0 to 100 percent of ttm.  good luck everyone

Jan 7, 2009 12:26 am
Tincup:

The latest speculation heard by a complex manager is that Wells is going to use the TARP and Economic conditions to hinder a retention or drastically minimize one.  Proposal's from Wachovia to Wells continuously being revamped/denied.  

 
Wizzzzz....... plop.  Lure hits the water.....
Jan 7, 2009 9:35 am

Well, all I know is that... finally... those stubborn wachovia/legacy guys are finally starting to roll over... they've lost hope of retention. About damn time, I was sick and tired of hearing, "I'm an indecisive bastard, call me in Jan '09"

Especially the smaller markets - entire offices are starting to roll over. The majority of them want to go independent, as well. The past year sure has turned the financial world upside down.

Jan 7, 2009 9:52 am

I promise WFC that if there is no retention I will take my 850k production and go. They don't care but on my mother's grave I will be gone. I already think they can go F themselves.

Jan 7, 2009 9:55 am

Another one down...  Many of us feel the same way...

Jan 7, 2009 10:32 am
Danny Isadouche:

I promise WFC that if there is no retention I will take my 850k production and go. They don't care but on my mother's grave I will be gone. I already think they can go F themselves.



I'm wondering how many here will do this:

1) Accept the retention for what it is and move forward
2) Examine the offer, go shopping elsewhere

If you're $850k for example...it's a fact right now that you can 125%+ cash upfront + 100% on the back end or more at multiple firms.  Sure there's the pain of a move and the obligation is likely to be longer than a retention offer. Lots of positives and negatives to consider I know, but my gut tells me retention deals seem to encourage at least looking around. 

Jan 7, 2009 10:36 am

I really hope the big producers stick it to WFC if they do not pay a retention. I had an offer from WS to BofA and decided to stay due to personal things going on and I'm glad I stayed. I'll be here to scoop the chips when they all leave.



They, (and I) deserve retention. But, I hope its an exodus when it doesn't happen.



Either way, I wish people would stop complaining on here. It sucks everywhere. Your firm sucks, we get it. You're an indy and loving it, we get it.



Bottom line, it's going to be the biggest year to scoop up accounts from other brokers (like the ones who are on here complaining). So just produce like you did when you were a rook.

Jan 7, 2009 11:39 am
BigSturch:

I really hope the big producers stick it to WFC if they do not pay a retention. I had an offer from WS to BofA and decided to stay due to personal things going on and I'm glad I stayed. I'll be here to scoop the chips when they all leave.

They, (and I) deserve retention. But, I hope its an exodus when it doesn't happen.

Either way, I wish people would stop complaining on here. It sucks everywhere. Your firm sucks, we get it. You're an indy and loving it, we get it.

Bottom line, it's going to be the biggest year to scoop up accounts from other brokers (like the ones who are on here complaining). So just produce like you did when you were a rook.

 
how does your BM handle the distribution of accounts that may be left behind. 
Jan 7, 2009 11:43 am

BM's dont handle them any more due to the discrimination law suits that were filed about 5 years ago.  Branches are, per firm requirements, to use an automated system that allocates accounts based soley on production.  #1 producer gets the largest account, #2 second etc....

 
I am not really surprised that accounts are leaving.  Many clients are not exactly enamored with "wachovia" right now.  A broker leaving can say the firm has changed so much that you simply do not feel they can properly service cleints any longer.....