AGE/WS one year later
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Wasn’t it this time last year when the buyout was announced? Time flies! I was heading to Boston that morning for a wedding, checked the internet around 5am and saw that AGE was getting bought out. In hindsight, it hasn’t been as bad as I feared that first day.
Hard to believe. So far there have been some “upticks” and plenty of down ticks. I figure by Feb 2010 we will really know if this thing was good or bad for both us and clients.
Very few upticks for sure and not sure should expect too much more. Wachovia is all about scale and size. Over the coming weeks as more of the back office converts to STL expect more 800 numbers with automated responses. Those on the AGE side are already seeing significant drops in service.
Not sure if this is posted anywhere else on this site…so apologies if it is…
but from what I understand Mark Keller and Tad Edwards have left WS. Possibly the start of a new firm???
You just get electricity in your town?? That news is about 2 weeks old and they are seperate firms.Not sure if this is posted anywhere else on this site…so apologies if it is…
but from what I understand Mark Keller and Tad Edwards have left WS. Possibly the start of a new firm???
I just read that there is speculation about JPM buying Wachovia?? Not sure how much is rumor and speculation, and how much is valid. But either way, the AGE guys must be feeling even further “discomfort” at this point.
Tad Edwrds starts new full service firm as per annoucement…at STL.com
Benjamin F. Edwards brokerage....may get more info this week. Doubt JPM will buy Wachovia....if so retention bonus foregiven...that would be nice. Danny Ludeman leader of Wachovia Securities seems like a very straight forward person, and is keeping everyone up to date. He is much better than Bob "sell us old" Bagby who finally left the company. Big loss to the firm Mark Keller as well as many other top notch AGE people. Nice to know that Wachovia Securities is in great shape, now they just need to fix the bank operations and it may not be a bad place to continue employment.I too doubt that JPM will buy us...but, read the contract. I do NOT think we are forgiven on a take over.... seen it happen to a friend going to Legg and Ferris Baker both acquired w/in 1 yr of their signinig, no "bail out clause"...I think it says Wachovia or any succeding firm...words to that effect. Bottom line: it is NOT the golden parachute.If JPM buys Wachovia (not gonna happen by the way) then our loan bonus is automatically forgiven. Then comes a new one from JPM!
I concur, some fc's left AGE to go to Ferris and I don't think they are off the hook. That being said, who exactly has the capital to buy out a competitor these days? Assume the Fed is not financing the purchase a la Bear/JPM. I would be shocked, as I was a year ago when AGE got bought out.