Wachovia Private Client cutbacks

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Aug 25, 2005 11:03 am

I hear that Wachovia began culling low-end producers and closing some branch offices in the past two weeks...

Anyone know anything about this?

Like what kinds of producers? Why now? How many branch offices?

Sep 9, 2005 11:21 am

Anyone, anyone?

Sep 10, 2005 12:34 am

An MS Broker got a recruiting letter from Wachovia that talked about the changes at MS and mentions that he could be fired next.

I doubt they would want to pick off MS Brokers who are on the verge of being fired if they were going to to the same thing.  I would be really surpised if they announced cutbacks.

Sep 10, 2005 1:25 am

This is all I have heard so far about Wachovia reorganization stuff:

PCG cut back its 10 regional districts from 10 to 8 last month. I can probably get you the internal WB document (from Jim Donley) as I think I saved it.

Here's who's in charge now:

Mike Carroll---NYC Metro, northern NJ, ME, NH, RI, CT, and MA (includes that infamous Boston office)---he's a PRU guy.

Patricia Bates---VT, southern NJ, upstate NY, WVA, PA

Bill Rogers--DE, MD, VA, DC, SC, NC

Scot Winter--SE states

Keith Vanderveen (surprised he has survived so long)---lower Midwest

Dave Oberman--SW (again, surprised he has survived so long, too., must be hard to find good help in TX)

Scott Binder--upper MW and the Plains states

Terry Chase---west coast (have been snagging many MWD brokers recently---some with pretty decent production numbers)

On another note, I guess you heard Dain Rauscher (Royal Bank's US brokerage arm) has a new CEO.