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Wachovia employees whacked by Wells Fargo

By Mark H. Astarita, Esq.

Corporate retribution is an understatement. Changing firms is a fact of life in the brokerage industry. Firms offer their competitors' brokers bonuses as forgivable loans to leave, and they all do it. Now Wells Fargo has apparently decided to punish brokers and staff who left Wells Fargo to go to Wachovia.Wells Fargo got the opportunity to smack its former employees when it purchased Wachovia. And retribution is tough - Wells fargo promptly fired 175 Wachovia employees who had previously left Wells Fargo to go to Wachovia.They even have a list, called the "conflict employee summary" of the emploess when they wanted to can. And Investmentnews reports that brokers are among those being fired.It will be interesting to see what happens with the U-5 and the forgivable loan repayments...continue to full post

Full post as published by SECLaw.com on January 16, 2009 (boomark / email).