Wells Fargo says no ban on ex-employees at Wachovia
Wells Fargo & Co. says it’s not so: There’s no black list for former Wells Fargo employees who defected to Wachovia Corp.
InvestmentNews, a publication for stock brokers, reported Wednesday that Wells Fargo was firing 300 Wachovia employees people who formerly worked for Wells. Wells Fargo bought Wachovia in December.
Among those fired were “high-producing” brokers for St. Louis-based Wachovia Securities, the publication said.
A spokeswoman for Wells Fargo says 2000 Wachovia employees once worked for Wells Fargo, including both bankers and employees of the securities business. Of those, 175 are being dismissed for “not meeting our employee eligibility requirements,” the spokeswoman said. Of those fired, “only a handful” work for Wachovia Securities, she said.
Jim Gallagher is a business reporter, covering banking and finance. He also writes a Sunday column on personal finance. 
If Wells Fargo is smart they will fire every Wachovia person at the top, including everyone in Charlotte, NC. This crowd destroyed two banks now, they destroyed the First Union reputation, and they destroyed a once respected bank, Wachovia. Wachovia never cared for the small business borrower, instead they went toward the higher fees generated by the large loans to developers, which are now in trouble. In Florida Wachovia financed development projects that no sane person would have considered.
Wachovia also destroyed AG Edwards, a well run local financial services company. Wells hopefully can save us and restore things. Enough with the overpaid, underperforming Wachovia employees. What a shock that Wachovia went down. It takes 20 plus people to make a simply decision, and it’s usually the wrong call. I’m not saying AGE was prefect, but Ed Jones, ScottTrade, and Stifel all seem to be doing pretty well.
I needed spell check. Sorry for the errors.