Employees of the recently purchased Strong Financial will get to share in on the sales proceeds if they stick around a bit longer and ease the transition, company founder Richard Strong has promised, The Milwaukee Journal Sentinel reports.
The fund firm, recently purchased by Wells Fargo, will pay bonuses of up to $50,000 for those employees without a stake in the company who continue working for 90 days. The offer is also being extended to include those individuals who will lose their jobs because of the deal.
The announcement was made via a memo to employees last week, and was deemed unusual by several industry experts. John Challenger, CEO of the Chicago outplacement firm Challenger, Gray & Christmas, even went as far to say he had never heard of such a gesture by a firm being acquired.
"It sounds like Dick Strong is doing it out of integrity or concern for his people," he said. "This is a way of saying, 'I'm not all bad. I did some bad things, I'm sorry that it's come to this, that I have to leave," Challenger said.
Wells Fargo bought Strong for a reported $500 million on the heels of its involvement in the mutual fund scandal, which has seen the companys assets under management plummet from $42 billion to $34 billion in a relatively short period of time.