Citi & MS combined brokerage?
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Hello new powerhouse…
Just watching this initial news unfold on FoxBusiness. Just when I thought the craziness was over.
1) Potential massive power brokerage
AND / OR
2) This causes massive change in the recruiting/transition game very quickly!
Either way, I’ll make this bet. If these 2 combine up… retention for those involved will be done and over with BEFORE WFC figures out if or how they’ll retain Wachovia advisors
Will there be retention? Or will they drop off smaller producers and hope to get Wach and ML looking to leave?
Next step:
How to combine AGE/WS/WF with the newly minted CitiSmithStanley: A.G. CitiSmithStanley WachFargoIn my view, a combo of SB and Morgan would be a incredible. Loads of managers no longer needed along with overlapping support staff, back office, etc. I see advisor demand stall out for a time at least.
Potentially at least in the near term why would they keep big recruiting push on?
Joint venture, where MS gets larger stake, but has to pay Citi for it. MS can also purchase additional stake and eventually entire portion of Citi’s in a period of years following.
Citi is essentially financing their brokerage firm to MS. Not a bad idea, don't sell the whole thing now for nickels on the dollar, but instead DCA into it.... Would Citi then launch another brokerage once the deal is complete? Around and around we go....And I was hoping to interview with MS as a newbie for their training program... guess that will fall to the waste side, agghhh!
Both comanies failed to manage there own money. Why would the public trust them to manage any thing? Let alone assets!
Why would anyone follow these rats any where?UBS has been setting up brokerage to sell it for awhile from what I hear often, can you imagine all three being together…See of B of A and WFC dropping out completely of the deals of the past…if this scenario takes place no deals or very very reduced deals for a long time.
I just walked into a MS office in NJ and told them I was interested in a career as an FA with them. Although the Branch Manager was impressed that I showed up without an appointment, he informed me that he received an email not 2 hours earlier stating that the new trainee program was suspended until further notice.
Bah.English, please.UBS has been setting up brokerage to sell it for awhile from what I hear often, can you imagine all three being together…See of B of A and WFC dropping out completely of the deals of the past…if this scenario takes place no deals of very very reduced deal for a long time.
English, please. [/quote] You got it, its the asian in me coming out sometimes.[quote=fritz]UBS has been setting up brokerage to sell it for awhile from what I hear often, can you imagine all three being together…See of B of A and WFC dropping out completely of the deals of the past…if this scenario takes place no deals of very very reduced deal for a long time.
[quote=Potential][quote=fritz]UBS has been setting up brokerage to sell it for awhile from what I hear often, can you imagine all three being together…See of B of A and WFC dropping out completely of the deals of the past…if this scenario takes place no deals of very very reduced deal for a long time.
English, please. [/quote]
You got it, its the asian in me coming out sometimes.[/quote]
Your boyfriend is Asian?
the info. about the training program at MS disappearing is bogus. Still have 2 types of trainees MS is hiring, rainmaker and team style.
[quote=benjamin]
the info. about the training program at MS disappearing is bogus. Still have 2 types of trainees MS is hiring, rainmaker and team style.
[/quote] I dunno. The receptionist tried to brush me off at the door (and did). But the branch manager's secretary was apparently watching, came out to greet me and said "You just walked in here looking for a job? Man, he's gonna wanna meet you." Then she walked me back to the big corner office. The manager introduced himself, took my resume and apologized for the program having been suspended just hours before. He even pulled up the email to show it to me. I don't think they'd go through all of that just to say they weren't interested.Now it makes perfect sense as to why Sally Krawcheck resigned as head of SB’s wealth mgmt. area. This joint venture has been in the works for some times & she was not about to play second fiddle to Morgan Stanley’s James Gorman!
I just hope that when the music stops we all will still have a seat
with fewer places to run the big firms will become more powerful and we will have little say about it.This is the end of the party. Once this deal happens its all over. They will lop off the smaller producers (what does that mean - under 300k, under 400k? under 500k? (anyones guess)
Retention? You can fuggedaboutit
Deals go way way down - at best.
The inmates will no longer run the asylum. Power leaves the cell block and goes to the hands of the warden.
Game over.