Wells Fargo Advisors (formerly Wachovia/AG Edwards)

MattnSTL · PostAug 30, 2007#1762007-08-30T02:10+00:00

dina wrote:
No, not really. I have 3 friends at Edward Jones living week to week, worrying when they will get the ax because Wachovia will bring in their people from Richmond to replace them.

Why would Edward Jones employee's be worried about Wachovia?

Alex Ihnen · PostAug 30, 2007#1772007-08-30T02:27+00:00

MattnSTL wrote:
dina wrote:
No, not really. I have 3 friends at Edward Jones living week to week, worrying when they will get the ax because Wachovia will bring in their people from Richmond to replace them.

Why would Edward Jones employee's be worried about Wachovia?

For the same reason AG Edwards/Wachovia seem to have something to do with the dome!

MattnSTL · PostAug 30, 2007#1782007-08-30T02:33+00:00

True.

stlterp · PostAug 30, 2007#1792007-08-30T02:34+00:00

If anything, Jones is going to benefit from the AGE/Wachovia merger (assuming it gets the 70% shareholder votes needed to go through) Jones is already in full on expansion mode, and will be able to recruit some from AGE...may help their name recognition locally and nationally as well.

Alex Ihnen · PostAug 30, 2007#1802007-08-30T02:36+00:00

stlterp wrote:If anything, Jones is going to benefit from the AGE/Wachovia merger (assuming it gets the 70% shareholder votes needed to go through) Jones is already in full on expansion mode, and will be able to recruit some from AGE...may help their name recognition locally and nationally as well.

If nothing else it will be less confusing for some area residents.

dina · PostAug 30, 2007#1812007-08-30T17:17+00:00

MattnSTL wrote:
dina wrote:
No, not really. I have 3 friends at Edward Jones living week to week, worrying when they will get the ax because Wachovia will bring in their people from Richmond to replace them.

Why would Edward Jones employee's be worried about Wachovia?

A.G. Edwards, I meant. Now...do you have anything worthwhile to say since that's cleared up? I didn't think so.

MattnSTL · PostAug 30, 2007#1822007-08-30T17:29+00:00

No need to get mad about anything. It was a joke with no intent to pick on the possible plight of the AG Edwards employees.

Alex Ihnen · PostAug 30, 2007#1832007-08-30T17:31+00:00

I'm really interested to see if your friends stay on. Please keep us informed. It does sound a like a win for the region initially. I understand that there will be more jobs than previously. It's always good to have more homebuyers as well . . . I hope that not too many people are negatively affected.

dweebe · PostAug 30, 2007#1842007-08-30T18:18+00:00

There's a lot of people leaving the IT side: especially those who are fully vested. There's also been some small cutbacks on the business side but IT is bleeding people. There's varying stories that one whole IT department up and quit.

Wachovia is also a big fan of contracting out work. Supposedly 65% of Richmond IT workers were contractors.

Morale is down, especially after the news a few weeks ago of the amount of money Bob Bagby gets. On top of that all the taxes will be covered by AG Ed/Wachovia.

The buy out and relocation news is starting to come in and it's not very generous.

My feeling is that Scottrade and Ed Jones are cherry picking all the good employees.

juiceinkirkwood · PostAug 30, 2007#1852007-08-30T21:47+00:00

Good thing AG Edwards didn't hire me a month ago when I was applying for an IT job

dweebe · PostAug 30, 2007#1862007-08-30T21:56+00:00

Juice13610 wrote:Good thing AG Edwards didn't hire me a month ago when I was applying for an IT job

Still looking? How's the St. Louis IT market right now?

innov8ion · PostAug 30, 2007#1872007-08-30T22:06+00:00

dweebe wrote:
Juice13610 wrote:Good thing AG Edwards didn't hire me a month ago when I was applying for an IT job

Still looking? How's the St. Louis IT market right now?

He found a job in Creve Coeur apparently. word.

dweebe · PostAug 30, 2007#1882007-08-30T22:51+00:00

innov8ion wrote:
dweebe wrote:
Juice13610 wrote:Good thing AG Edwards didn't hire me a month ago when I was applying for an IT job

Still looking? How's the St. Louis IT market right now?
He found a job in Creve Coeur apparently. word.

Smurfitt-Stone?

Reuters?

Elsevier?

hugh ferriss · PostSep 28, 2007#1892007-09-28T18:51+00:00

The SLBJ has confirmed that most of A.G. Edwards' investment analysts are to be let go by Wachovia.

Last week's article:

<a href="http://www.bizjournals.com/stlouis/stor ... m_rss">A.G. Edwards cuts analyst jobs</a>

"Brad Hintz, an analyst with Sanford C. Bernstein in New York, said the cut of the analysts should also raise questions about how many of A.G. Edwards' investment bankers will remain in St. Louis."

Today's confirmation and update (only fully accessible to subscribers):

http://stlouis.bizjournals.com/stlouis/ ... tory3.html

aviator · PostSep 29, 2007#1902007-09-29T01:58+00:00

It will be interesting to see how this plays out. I would expect to see some decreases on the investment banking side as well. There is something to be said, though, for keeping a contingent of people here in St. Louis to handle deals in the Midwest. I think many Midwesterners would rather do business with someone who is located here as opposed to on the coasts.

tb1000 · PostSep 30, 2007#1912007-09-30T23:26+00:00

Um, the investment banking side is going to be a thing of the past as of Friday (Oct 5). That really sucks.

EDIT: Rumor has it that two small groups will be kept in IBK including a few individuals in M&A

flatfeeking · PostOct 09, 2007#1922007-10-09T13:13+00:00

I am a realtor myself, i have got to ask, why would I want to steer someone from benton park to cwe? thats so weird. I never understand the ways of the traditional realtor.

moorlander · PostOct 09, 2007#1932007-10-09T15:11+00:00

FlatFeeKing wrote:I am a realtor myself, i have got to ask, why would I want to steer someone from benton park to cwe? thats so weird. I never understand the ways of the traditional realtor.

HUH?

innov8ion · PostOct 09, 2007#1942007-10-09T20:49+00:00

^ From earlier in the thread, I believe.

Matt wrote:Another ugly story about a real estate agent steering buyers appeared in last Saturday's paper. Their Realtor wanted them to live in the CWE and they had to fight to see a house in Benton Park.

Maybe someone should be sending a message out to the Wachovia newcomers about the hot St. Louis neighborhood housing market?

And maybe someone should be sending a message out to real estate agents that it is illegal to steer?

jmedwick · PostOct 26, 2007#1952007-10-26T17:15+00:00

When first announced, the Wachovia- Edwards merger was trumpeted as a way for Wachovia to make a major splash in the retail brokerage business, creating a combined unit that would be the second largest retail brokerage in the US, behind only Merrill Lynch. Out of this merger, St. Louis was a winner, gaining the Wachovia Securities HQ. Now it seems the sands in which the St. Louis divisional HQ are planted are already shifting:

Blog Zone > Biz Buzz > Blog Entry

Wachovia wave may make way for Merrill bull

By Doug Wong

10/26/2007 10:36 am

The A.G. Edwards flags and signs haven’t yet been replaced by Wachovia’s at the brokerage’s headquarters on Market Street. But if a New York Times story is true, there may soon be a Merrill Lynch & Co. flag flying over the building.

The Times, this morning, reported that Merrill Lynch & Co. Chairman and Chief Executive E. Stanley O’Neal had floated the idea with a merger with Wachovia. The Times said O’Neal is in hot water with the brokerage’s board because he didn’t clear the idea with them first. The Times said the board’s reaction indicates a merger isn’t likely for now. But it also points out that Merrill may need a partner.

As for Wachovia, the source the Times used said Wachovia Chairman and Chief Executive G. Kennedy Thompson expressed interest in talking about a deal.

If Wachovia, which earlier this month closed on its purchase of A.G. Edwards, were to attempt to merge with Merrill, the Times points out that there most certainly would be antitrust questions raised.

In St. Louis, the questions may deal more with the future of A.G. Edwards’ 4,000 workers here.

Link

juiceinkirkwood · PostNov 15, 2007#1962007-11-15T23:30+00:00

2 more people relocating to the area for the Wachovia buyout. I think this is moving more people than some of you seem to think, this is the third I've found on the c-d forums.

http://www.city-data.com/forum/st-louis ... ville.html

aviator · PostNov 16, 2007#1972007-11-16T01:42+00:00

JMedwick wrote:When first announced, the Wachovia- Edwards merger was trumpeted as a way for Wachovia to make a major splash in the retail brokerage business, creating a combined unit that would be the second largest retail brokerage in the US, behind only Merrill Lynch. Out of this merger, St. Louis was a winner, gaining the Wachovia Securities HQ. Now it seems the sands in which the St. Louis divisional HQ are planted are already shifting:

Seeing as how O'Neal has now stepped down from Merrill this may be less of an issue.

arch city · PostNov 16, 2007#1982007-11-16T20:42+00:00

Juice13610 wrote:http://www.city-data.com/forum/st-louis ... ville.html

Cool find. Makes me want to check out Edwardsville.

dweebe · PostNov 16, 2007#1992007-11-16T21:42+00:00

Juice13610 wrote:2 more people relocating to the area for the Wachovia buyout. I think this is moving more people than some of you seem to think, this is the third I've found on the c-d forums.

http://www.city-data.com/forum/st-louis ... ville.html

The old AG Ed is bleeding employees badly. A lot of people are jumping ship fearing cutbacks before they actually get word about whether or not their jobs are safe. Rumor has it so many people have left that any cutbacks that occur will be minimal.

The good news is a lot of people leaving the old AG Edwards are easily being absorbed into other companies in St. Louis. Plus it could mean we'll get more Wachovia people from the Carolinas.

The first wave of job notices are supposed to be hitting in December or January.

juiceinkirkwood · PostNov 16, 2007#2002007-11-16T21:57+00:00

Man, I'll again state that I am not at all upset that I didn't get a job with AG Edwards. I would seriously throw myself off of the roof of a tall building if anything happened to the job I have now.

Wells Fargo Advisors (formerly Wachovia/AG Edwards)

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