My husband’s cousin worked for Russell Investments when Reverence Capital Private Equity bought them out in 2016. Reverence is one of the potential buyers of WFAM. Here is what she told me happened once the deal closed: 1) the head of Russell Investments and his direct reports were all replaced soon after by leaders the PE firm already had selected - many of them former Goldman employees; 2) portfolio managers and client facing employees were left alone for the first year and were culled and weeded out thereafter 3) there were huge reorganizations, pay and benefit cuts and layoffs for the rest of the employees - entire departments were wiped out; 4) cheap younger employees were kept on and older more expensive employees were let go; 5) there is/was little communication from the PE leadership, and when they do/did communicate, it is all about the bottom line and reminding employees that this is a 5 year flip and they are there to squeeze out maximum profit before they sell Russell to someone else. 6) there is zero growth and promotion for employees; 7) go look at Russell Employee reviews on indeed, etc. they confirm what she told me. In any case, I would not stick around waiting to see what happens. Always easier to land a job when you are still employed.
21 replies (most recent on top)
Allspring Global is getting the same treatment as Russell after the buyout. Not surprised since it’s the same PE firm that bought them out.
Post ID: @xbf+19k6hRzL
Who are you talking about? Use your words.
Somebody is scared and in denial!
Post ID: @vgv+19k6hRzL
You’re obviously a mo–n. Go spread your poison on another site. We don’t need or want your nastiness here.
Reverence also owns Victory Capital. Victory Capital bought USAA’s mutual fund family. Before they closed the deal, USAA laid over a bunch of mutual fund employees and support staff. Only 300 USAA mutual fund employees were offered jobs with Victory. Then, 6 months later Victory Capital touted they were growing and were hiring 50 people. Get this, investors have been pulling money from Victory Capital funds since the buyout and taking there business elsewhere - they are bleeding assets now. Any new jobs created by Victory post acquisition pay peanuts - average salary is $ 96k. So you can see, Reverence/Victory offered the lower paying and essential employers jobs, USAA laid off the rest before the deal closed and Victory filled the gap later by hiring cheap talent. I don’t know about you, but I couldn’t live in $96k in the northeast...
There's nothing childish about questioning the motives of anyone on an anonymous forum. If you want to believe everything you read on the internet, go for it. I really don't care. I hear there's some N—rian Princesses that need help with money transfers. Knock yourself out.
To the WFAM employees: I’m not 100% sure of your various talents and job requirements, but what do you think about looking at Regional Brokerages? I’m on the brokerage side (WFA), and it seems like your skill set and depth of knowledge would be highly valued at firms like Stifel, Raymond James, Edward Jones, Baird etc. Maybe even working within a successful team in a retail brokerage branch. Some of those teams would love to have a knowledgeable partner to fill a hole in their group.
My thoughts are that if WFC doesn’t appreciate you: hell with them, take your talent elsewhere and help a competitor to succeed.
WFAM employee here. I have been actively job searching over the last 3 months. In most cases, I am not getting any responses to my applications. In 2 instances, HR did respond and told me they are hiring from within the company, so external candidates don’t even have a shot even if they have better experience. Finding it is really rough out there right now. A lot of good qualified people looking for jobs.
All PE firms operate like this. It's not new. I also agree that people in WFAM should search for opportunities elsewhere possibly improving their position.
I'm also not a plant looking to increase attrition.
There you go. Stick it to The Man by... staying at the job until he’s good and ready to get rid of you. Can’t imagine why Johnny Paycheck never sang a song about that kind of defiance.
You go, vec+19k6hRzL. Make a dent in CS’s $34Mn salary one...tiny...bit...at...a...time.
Post ID: @ruk+19k6hRzL
I’m a woman, not a he and I am calling you a pre-teen girl because that is how childish your post sounds.
If you doubt a post, just keep your thoughts to yourself. I don’t want to hear your passive aggressive childish bs. And I don’t know anyone who does. Grow up and go put some good out into the world instead of putting down those who are.
OP here - I am a WFAM employee concerned about my future like many of my teammates - no company agent here. I just happen to do some research which convinced me that I need to get in gear and find another job rather than being passive waiting to see what might happens which doesn’t look to be in my or your best interest. Try to land another job now if you can - I know I am and knowing I am taking steps to improve my future makes me feel empowered and less like a victim of circumstances.
Says "grow up", then calls someone a "girl" like he's on the playground in elementary school. Makes sense. Just for you: lol.
Grow up. And last I checked, the only people I know who end their posts in lol are pre-teen girls.
Ok, you guys are right, you should both leave the company immediately. OP said it's best and we believe everything the OP says, so when are you resigning?
Post ID: @vec+19k6hRzL
Good Lord! Why are you even out here if you don’t plan on believing anyone who tries to share information. If your only goal is to plant little counter attacks, than do us all a favor and stay off the Board.
Post ID: @vec+19k6hRzL
I think it’s terrible to even put it out there that this post could not be sincere. I’ve been through it and related immediately. Seriously, what kind of world are we living in that you can discredit anyone by passive aggressively casting doubt on their intentions.
Someone tries to help and you cast doubt? You can either be part of the problem, or be part of the solution. Be better.
Good info for those in that group, but lines like this always make me suspicious that the poster is an agent of the company. "In any case, I would not stick around waiting to see what happens." Attrition is what the powers at be want if they can get it, and anyone telling a large group of people 'you should leave now, forget the severance!' is questionable in motive. Not saying you're a plant...but it's exactly what a plant would say, lol.
I worked for AG Edwards, and watched the same thing happen when WCHV bought us. WCHV made big promises about preserving the integrity and history of AG Edwards. They said their goal was to keep all the employees and grow the business. They even agreed to make their own employees move from Richmond (WCHV’s home) to St. Louis (AG Edward’s home) to make it look like it was a merger of equals, not an acquisition. It was a sham. They started downsizing as soon as the deal was signed. And you all know how it ended.
Bottom line is that the C-Suite has NO problem sacrificing their employees for the almighty dollar.
OP here- thanks. She told me Russell Investments was a wonderful company to work for and her coworkers were like family. She worked there for over 13 years in various roles. Once the PE firm came in, the culture changed overnight from being about teamwork, etc to toxic and being about the bottom line and who’s the next to be booted out the door. Honestly, same culture that C.S. Has created at Wells. Sad. She now works for a Fintech and is very happy.
This is a great post. Thank you.
Most important point for all of us, even if not in WFAM, is that last line:
“Always easier to land a job when you are still employed.”