UBS - Layoffs

yes

For God’s sake, man, at least take a glance at the other threads before starting a new one!  Really, did you not see the other 20 pages regarding your question?

What?  There are going to be lay-offs at UBS?

Maybe this thread should be changed to one of the following:

So, what are they?

Anyone get Hoeckstra’s email after his infamous call yesterday? Word is it was essentially warning everyone that they’re likely to get a lot of recruiting calls and pressure to move. Duh! After that lame call what the heck else is going to happen?

Buddy told me… see the Business Blog at UBS. Martin Hoeckstra’s rehash of the conf. call.
See section 1 “Restructuring and Layoffs”

Any ideas on what will happen to the “relatively” new recruits UBS brought in and paid upfront checks.  Will these brokers, if impacted by the layoffs, be forced to pay back the money?

The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.

[quote=Iocaine]

The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your “niche”,  you will be fine.  If not, wait 2 weeks and all will be clear.

[quote=burtonfinancial1] [quote=Iocaine]

The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.

so what happens if you want to leave and take your clients elsewhere BUT your still under contract with the NFA program. Should you leave before april 20th or after?

[quote=Iocaine] [quote=burtonfinancial1] [quote=Iocaine]

The reality is, no one posting on here has a clue and anyone who claims to is speculating at best. What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your “niche”, you will be fine. If not, wait 2 weeks and all will be clear.

before.

Ditto! And how!!!

If I leave before…won’t I get sued if I go to another firm? even though I’m probably going to be part of the lay-offs in two weeks? I assumed if I leave after…at least I won’t get sued; but it may not matter. I’m so confused. I would hate to get sued for going to another firm when they don’t even want me there to begin with (I’m below $300,000 in production).

If you are under contract then read your contract.  It will tell you what to expect if you leave.  That is a starting point for negotiating, if you do decide to leave.

Start the process now. It will take ALL of two weeks (and maybe longer) to get in with another B/D. As for your clients, stay in touch with them. If you leave, you probably have a six month “non-solicit.” clause in your NFAD contract (it’s located in the handbook.) Consult a lawyer about that, but otherwise, you should be able to leave with no problems whatsoever.

What if you don’t leave, you came over w/ an upfront check, they let you go bec/ you don’t meet the 1mill to 10mill client requirement or whatever criteria they propose. Do you think the recruits will be asked to pay back the upfront money?  Keep in mind the contract doesn’t say anything about being laid off.  Ofcourse it is very clear regarding the recruits time commitment.

1mm to 10mm clien base?   thats total bullshti

That was straight from the Hoekstra’s mouth!

Hoekstra is a MF joke.  UBS is a MF joke.   They pay out the arse for FA’s  (270%) in late 2008 and early 2009.

No argument there. I left in Feb. Writing was on the wall even then. Much happier at my new B/D.

I have reviewed the language in the contract. There is absolutely nothing mentioned regarding a downsizing lay off situation. It is vague on the production requirements, offers additional opportunities to bonus along the way ( in this market environment, an impossibility)  It states that the upfront money would  be due to UBS if the FA is let go for reasons such as fraud, unauthorized trading etc. or if the FA were to leave prior to end of the contract period.   But again, no mention of what is expected if the FA is let go w/o flagrant misconduct.

UBS will expect the contract amount to be paid.  You will likely be able to settle for a lesser amount but you may need an attorney and then you have to do the cost benefit analysis.  No one is a union employee so your contract is a contract and they have the right to collect what you have not been forgiven in the “loan”.

Put your asstes in spouses name.   Tell that peice of crap firm to kiss your…a

Would you please include some contact info? Maybe an email address or more? Thank you!

Who is your new B/D?

greenbacks

[quote=unsure]Any ideas on what will happen to the “relatively” new recruits UBS brought in and paid upfront checks.  Will these brokers, if impacted by the layoffs, be forced to pay back the money?[/quote]

No. Free pay day. Confirmed through valid source.

[quote=Greenbacks]

What does No.  Free pay day mean?

[quote=Greenbacks]

[quote=NOVA]What does No.  Free pay day mean?

Not true.



They will go after $$$ on new recruits over 2 years at UBS.

[quote=secretknowledge]Not true.



They will go after $$$ on new recruits over 2 years at UBS. [/quote]

How can they if they’re going to sh*tcan these guys? How could UBS possibly go after someone they just layed off for money that was promised to be forgiven over the length of service?

Because that’s what the contract they all signed says.

Anyone need a recruiter?

SuperRecruiter , you mentioned free pay day or no impact to UBS recruits confirmed through valid source. Dose your valid source have any info on the criteria for new recruits that will be included in the massive layoffs? Will we be under a non-compete if they let us go? I assume if you don't have to pay back the upfront money you just pay the taxes for the 2009 tax year as ordinary income? I'm thinking if I don't have to pay back the upfront cash I may leave the business all together after 20 years in the industry. Sick and tired of all the bull**** and the recent downturn has me stressed to levels that can't be healthy!!

I’ve heard any new rep that got a “deal” and is let go will be able to keep the deal no questions asked.

Cowboy 93, the contract outlines specific reasons for UBS to terminate the contract… layoff due to massive restructuring and taking thier business model in a new direction is not included in the terminolgy.

UBS will expect the contract amount to be paid.  You will likely be able to settle for a lesser amount but you may need an attorney and then you have to do the cost benefit analysis.  No one is a union employee so your contract is a contract and they have the right to collect what you have not been forgiven in the “loan”.

Because that’s what the contract they all signed says.

Fritz, I hope you are right!

Fritz is right. If you have doubts, I would suggest seeking professional legal advice and bring your contract with you.

Obviously, I can’t give up my source, but I am confident in what said individual had to say. The line is going to be drawn in the sand at $400k T12 REGARDLESS of LOS. UBS understands that they will not be able to go after money owed on existing contracts. It was referred to me as a "clean cut"

On a side note a non-compete would be nearly IMPOSSIBLE to enforce in a situation like this.

[quote=RecruitingWhiz]I’ve heard any new rep that got a “deal” and is let go will be able to keep the deal no questions asked.[/quote]

This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we’re going to help him look for a new home, because he knows he’s about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.

Been at two places for 20 years, seen over 100 guys get let go who where on deals and ZERO have been asked to pay back.  Friend is manager at MS and he also said firms do not ask for money back for brokers getting let go to lack of production.  

Good to know guys, I think I’ll go enjoy my Easter break, sit by the pool and have a cold one! Happy Holiday!

This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we’re going to help him look for a new home, because he knows he’s about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.

I’ve got a tough time beleiving they would drop everyone below $400K especially folks they recently recruited.  That would be evil.  Clients and potential recruits would puke, shake their heads in disbelief, and look down on the firm for years to come.  In short, they would show the world all the two faced crap, from the “come here to grow your business branch managers” to the “sign this form that says you can’t call inheretid clients” branch managers."  Oh wait, same people… 

Cut $400k across the firm, or $400k in metro areas?  I had heard line in sand is $300k (at least in my suburban area).

These cuts you are referring to - are they related to the FA's that were given a "business plan" 3-4 weeks ago?  Or is this another round of cuts?

My understanding is that only new recruits who have been at UBS for 2+ years will be included in the potential pool of FA’s who could leave.



As far as owing money to UBS, you have a contract with the firm. Naturally, you will owe the $$$ if you leave. And yes they will go after you.



I do not believe that there will be that many individuals who have EFL’s outstanding and are in the bottom 20%. Trainees are another matter, I do not believe they will go after them for $$.



My understanding is that most of the FA’s who are going to be let go have already been told by there managers, they already have the list.



If I was on a deal and thought I was going to be let go, I would go talk with my manager. In the meantime, talk to someone about moving, just do not do anything until you have been formerly told by UBS. UBS subscribes to the broker protocol for switching firms. If you are nervous look up what information you can take with you and run the appropriate report On Business Intelligence or Book Querry.



Just do not panic and do something that is stupid.



Personally, if I were in this situation, I would speak to Stifel if they have a location near you. I have been told that they might buy individual brokers from UBS that are let go if in there markets. That would be good for you as they would then do a bulk transfer of your assets to Stifel

I know this has been asked a few times.  If you’re at 300K and you were just “teamed up”…you’re vulnerable?

So…Superrecruiter, Secretknowledge, et al.  Some are saying the minimum production needed to avoid being cut is $300K or if you’re not in the bottom quintile.  Others are saying the line in the sand is $400K.  So which is it, my friends?  If you’re blowing smoke on this forum, regarding such a sensitive topic, then get the he\ out of here.  If you’re confident of your numbers and your sources, please confirm that, and to you we all owe a debt of gratitude.

[quote=SuperRecruiter]

[quote=RecruitingWhiz]I’ve heard any new rep that got a “deal” and is let go will be able to keep the deal no questions asked.[/quote]

This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we’re going to help him look for a new home, because he knows he’s about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.
[/quote]

And you and this producer think this is a good thing?  Something to celebrate?  Meanwhile his clients heads are spinning.

No wonder our industry has such a bad reputation and nobody disagrees when I refer to the wirehouses as “formerly” major firms.

It seems as though UBS would have to consider keeping some of their recruits considering the brokers that will be laid off will have clients that need to be placed. The upfront money has already been paid out, it's not really costing them anything other than office space. 

There is a guy in my office doing around $300, and he was told by the BOM that he is not going to get cut. Also, teams are the focus of UBS going forward, and individuals on teams are safe.

[quote=Raindog]There is a guy in my office doing around $300, and he was told by the BOM that he is not going to get cut. Also, teams are the focus of UBS going forward, and individuals on teams are safe.[/quote]

That will make it that much sadder when it happens…

Remember when they said Lehman wasn’t goinf BK, and Wachovia was a healthy Bank…etc etc…you can’t trust these big banks as far as you can throw them

Did your friend approach the BOM with questions regarding the impending layoffs or was his BOM forthcoming withe info?

[quote=nestegg]

[quote=Raindog]There is a guy in my office doing around $300, and he was told by the BOM that he is not going to get cut. Also, teams are the focus of UBS going forward, and individuals on teams are safe.[/quote]That will make it that much sadder when it happens…Remember when they said Lehman wasn’t goinf BK, and Wachovia was a healthy Bank…etc etc…you can’t trust these big banks as far as you can throw them[/quote]



Or “we’re not going to cut the dividend”…

MY BOM said they same thing to someone making $225k trailing 12....that they were safe. As mentioned earlier, the problem that is becoming more and more evident is that these BOM don't have the power to save anyone. I wouldn't count on having your BOM save you, b/c the final desicion isn't there's to make. From what I was told (above BOM level), BOMs are on the list as well. AND the layoffs that are coming from the top....they don't care specifically who gets cut. They need to shave off $300 - $350 million a year on the US Wealth Management side. If one branch needs to cut 25%...it will come from the bottom UNTIL it reachs the last person that's needed for that branch regardless of whether your BOM has tried to save you. They simple don't have the pull you think for this round of layoffs.

Well, call me an unadulterated cynic, but does it seem possible (or even likely) that the BOM would give “assurances” to select FAs who are on the block that may have clients that fit Hoekstra’s “new business focus” (2-10MM) to make those FAs feel like they’re not being let go, so that they don’t look around for anywhere else to go, and then those same FAs (who was previously told they wouldn’t be cut) are let go with everybody else?

UBS is a joke.   Market has probaly made a low and recovering and these idiots cutting back.   Same idiots that paid 270% on peak T-12.    UBS  last in everything  

72, I think it could happen.

[quote=NFA1972]Well, call me an unadulterated cynic, but does it seem possible (or even likely) that the BOM would give “assurances” to select FAs who are on the block that may have clients that fit Hoekstra’s “new business focus” (2-10MM) to make those FAs feel like they’re not being let go, so that they don’t look around for anywhere else to go, and then those same FAs (who was previously told they wouldn’t be cut) are let go with everybody else?

Now is the time to extend the hand of friendship to old friends, don’t you think? I have put out a few calls to former colleagues letting them know that if the rumors become fact and they need a place to go they can join my practice. (I know they have clean compliance records) If everyone under 400K gets the boot my practice could wind up with 4 new FAs in the next few weeks. I don’t think these FAs are going to have alot of choices. They will be the walking wounded. I don’t think UBS can sue me for raiding if they fired all the people I bring in.   

Now is the time to extend the hand of friendship to old friends, don’t you think? I have put out a few calls to former colleagues letting them know that if the rumors become fact and they need a place to go they can join my practice. (I know they have clean compliance records) If everyone under 400K gets the boot my practice could wind up with 4 new FAs in the next few weeks. I don’t think these FAs are going to have alot of choices. They will be the walking wounded. I don’t think UBS can sue me for raiding if they fired all the people I bring in.   

Does anyone know anything about the business plans that were distributed to some FA’s about 3-4 weeks ago? What was the purpose? Were they the first stage of notifying the FA they are at risk for layoff? Or does it mean these guys may get a reprieve? Does being in a joint number or partnership with someone save an FA? I would welcome feedback. 

Does anyone know anything about the business plans that were distributed to some FA’s about 3-4 weeks ago? What was the purpose? Were they the first stage of notifying the FA they are at risk for layoff? Or does it mean these guys may get a reprieve? Does being in a joint number or partnership with someone save an FA? I would welcome feedback. 

We have heard from Rep’s or rumors of reps that have spoken w/ their BOM regarding impending layoffs and the ones that are under 300 and 400 who have a verbal commitment that they will not be impacted by the upcoming downsizing.  Are there any out there that have been forewarned by the BOM that they will be affected and that this layoff will occur at or before month’s end?

There was a conference call last week - I’m guessing if someone wasn’t on it, that probably doesn’t bode well for them, unfortunately.

You mean if you weren’t a part of the conference call you should expect to be let go? Do you think this lay off will occur next week?

Check your private message inbox

I talked to an FA at UBS today who did just under $400k last year.  I think there are definitely people in his office who did b/w $300-$400k last year, which means they are most likely annualizing at a less than $300k rate.  He said that his manager told him that “nobody” in his office will be affected.  So, either things are being greatly exaggerated on this thread or his manager is being lied to by upper management or the manager is lying to this FA 

I talked to an FA at UBS today who did just under $400k last year.  I think there are definitely people in his office who did b/w $300-$400k last year, which means they are most likely annualizing at a less than $300k rate.  He said that his manager told him that “nobody” in his office will be affected.  So, either things are being greatly exaggerated on this thread or his manager is being lied to by upper management or the manager is lying to this FA 

[quote=HymanRoth]

[quote=SuperRecruiter]

[quote=RecruitingWhiz]I’ve heard any new rep that got a “deal” and is let go will be able to keep the deal no questions asked.[/quote]

This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we’re going to help him look for a new home, because he knows he’s about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.
[/quote]

And you and this producer think this is a good thing?  Something to celebrate?  Meanwhile his clients heads are spinning.

No wonder our industry has such a bad reputation and nobody disagrees when I refer to the wirehouses as “formerly” major firms.
[/quote]

Well, yes… it is a good thing. Much better than getting sh*tcanned and asked to pay the money back, don’t you think?

Where is everybody? I heard there was a meeting in NY today for UBS Council Seat. I understand from a reliable source that M. Hoekstra spoke, confirmed that the layoffs would be harsh… line in the sand at 300.

When?

I’ve heard conflicting reports out of the Chairman’s Council meetings, but it sounds like UBS wants to pursue the Credit Suisse USWM model on a larger scale (which shouldn’t be a surprise to anyone since Ozzie is now at the helm).  The word is they want the US operations to focus on large market advisors with $100MM in assets and $1MM in T12 who work almost exclusively with clients $1MM and up (which is more analagous to the non-US model).  Obviously, this doesn’t happen overnight.  So, do they cut everyone under these numbers in the upcoming layoffs?  I doubt it.  Does this mean that any advisor who can’t realistically put up these kind of numbers in the next year is going to be miserable at UBS if they survive the cuts.  Likely.

Again, this is all secondhand info.  Could be completely inaccurate, but given what I’ve heard from Hoekstra and management, it doesn’t seem too far fetched.

The misreable part if you make the cut is my biggest fear. My clients do not fit the new model and  I didn’t spend the last 12 years building my client base to have them feel  like 2nd rate citizens. I live in a city of approx. 500,000 -600,000 population and I can tell you the clients UBS are looking to focus on are not found on every corner especially given the recent dowturn. Do you think maybe UBS is positioning to sell the US Wealth Managment group?  You know trim the fat, bump up the profits and sell baby sell??

JP Morgan is the rumored suitor.  Not sure how accurate that is.  Regardless, UBS is clearly no longer interested in competing with the MS/SM, Merrills and Wachovias of the world.  They want to brand themselves in the US as a mid size firm exclusively servicing HNW/UNW clientele with seasoned $1MM plus advisors in the field.  The Paine Webber model is officially dead and buried.  

One last question for you. I understand the Asia market got their layoffs today, not near what we will see here in the US. Switzerland is slated for tomorrow, when do you think the layoffs will occur for us?

No idea.  I’m completely in the dark like everyone else.  I think the announcement tomorrow may offer some clues as to what’s going to happen to the US and when.  

I am with Georgiaclose on this one for sure based on things I have heard from other offices. They are going to significantly slim down the operation and possibly sell another piece of it ala the SF deal a few weeks ago. How much of what is left, is anyone's clue but it maybe very close to the CS model as mentioned.

I have no idea on when or what the cut off will be for the coming cuts.

US cuts are coming next week for the home office. Advisors have been actively “counseled out” in the last few weeks so there shouldn’t be any surprises on the rep side.

[quote=georgicaclose]JP Morgan is the rumored suitor.  Not sure how accurate that is.  Regardless, UBS is clearly no longer interested in competing with the MS/SM, Merrills and Wachovias of the world.  They want to brand themselves in the US as a mid size firm exclusively servicing HNW/UNW clientele with seasoned $1MM plus advisors in the field.  The Paine Webber model is officially dead and buried.  
[/quote]

It was dead and buried a long time ago…this is just the last official sign.  The Swiss don’t understand how to do business here and they ruined a great firm.

What do you mean "advisors have been actively ‘counseled out’? Have the advisors that will be affected been notified already?

Let’s say you’re doing $350k or $400k and you’re NOT cut in this round at UBS.  Maybe you just barely miss the cut.  Why would you stay long term? Just a common sense question. Is there a place for that type of guy at UBS in the future? Is this where you want to continue to build or grow your way out of this crap market? 

Exactly.  You should start looking at your options before everyone else hits the street.  There are some firms paying good money right now for those types of producers.

I would be glad to talk to anyone interested in the independent model. We offer excellent service, selling agreements with just about every fund company and insurance carrier and managed money platforms. The firm is about 100 years old, self clearing and privately held. If would like some information you can send me a PM.

According to Investment News UBS brokers are not on the chopping block. See link-

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090415/REG/904159991

We had 3 guys in our office get “counseled out”: 1 went to a small regional (still in the training program and doing t-12 of $36k), 1 joined a team, and another signed a retirement deal. 2 other guys who thought they were on the chopping block were told they were okay. So, unless it’s a regional thing, they appear to be giving fair warning to those who they want to cut.

Were the guys that feared the chopping block but were ok given a “business plan”, were they warned of a possible reduction in staff down the road if their numbers weren’t in line with a particular expectation?

There are FAs on the chopping block.  I have talked to some that were warned if you are bottom quintile you are at risk and some were told they are on a list.  Many are NFAs.  NFAs were judged on either assets or revenue as of May 2007.  Contracts are “at will” which means UBS can change the rules at any time.  Others that were notified had LOS 5 plus years and gross was below 250.  The Manager claimed to save some.  Dont know if he really did have ability.  We will see.  Effective June non fee accounts below 50k FAs will get credit but no comp.  Trades below $50, no comp (CDs and Treas biz will go away).  My guess these levels will go up and payout will go down for those that were saved.  If you are under 400 start looking.  Reuters says D-Day is the 22nd.

In my discussions with management, a retirement was not an option.  Would you clarify this for me, if possible.  What office?

FAs are certainly on the chopping block.  Those who think otherwise are deluding themselves.  Ozzie pretty much said that cuts will be heavy in USWM today and nobody is safe.   

Latest I hear is that the investment center is gearing up for a massive uptick in accounts that will be sent over after the culling.  Word is they have staffed up and are expecting tens of thousands of accounts to be reassigned to the center in the coming weeks.  Marching orders are to try to retain as many of these accounts as possible. 

Clearly, UBS would prefer to pay investment center advisors a meager salary plus bonus to manage these accounts rather than pay commissions to advisors in the field.  My sense is that they do not want to be in the business of servicing emerging affluent clients for the long haul and will look to flip the investment center branches to a competitor (a la the Stifel deal) when the time is right.
 

May 07? Where does that factor in? Do you know the logic behind that? PM me if needed.

Kicking

[quote=Takingnames]

May 07? Where does that factor in? Do you know the logic behind that? PM me if needed.

Kicking

Would someone please…please…please clarify the business plan aspect. It’s been discussed a little in this thread, but no one has elaborated.

I understand the business plan thing as you meet with the BOM or MAM and they breakdown what you are doing and how to do it better AND also give you “targets” to hit in the next few months…FOR EXAMPLE ONLY …opening 5 accounts that are over $500,000 in the next 3 months.

Are the people who received these plans on the list to go?

Are the people who received these plans on the list to go?

Announcements will be made on Friday or Monday.

I just want it to happen and be done with it.

We had 3 guys in our office get “counseled out”: 1 went to a small regional (still in the training program and doing t-12 of $36k), 1 joined a team, and another signed a retirement deal. 2 other guys who thought they were on the chopping block were told they were okay. So, unless it’s a regional thing, they appear to be giving fair warning to those who they want to cut.

Carmax?

How many Branch Managers do you think are on the list to go?

Awful quiet around here tonight. Might tomorrow be the day they finally lead us to the chamber of unemployment.  Getting tired of waiting but need the freedom from contract that the layoff may bring. Article on home page nows says 250 is the magic number.

Producing mgrs are probably ok, Non producing, I’d be concerned.

I hear the hammer will fall either tomorrow or Monday.

One bright spot: apparently UBS will NOT be coming after NFAs for training costs if you stay in the biz and go to another firm. 

Question is do you resign or let them terminate you.  Thoughts?

Is that choice "terminate/resign" even an option. I thought it was simply going to be a layoff due to downsizing ?

If the number is $250k, then the next question should be what does the payout go to for those under $400k … 20-25%?? You might as well leave if that that is the case.

[quote=S&P low 666]UBS is a joke.   Market has probaly made a low and recovering and these idiots cutting back.   Same idiots that paid 270% on peak T-12.    UBS  last in everything  [/quote]

The Swiss don’t impress me at all with their business acumen. They bought PaineWebber in 2000 just before the “lost decade”. Then they get busted for aiding and abetting US taxpayers from  taxes.

Dumb, Dumb, Dumb.

UBS NFA here.... so if the heads roll tuesday or whenever... would NFA's qualify for severance? or what?

Anyone under lvl 2 nfa is done?

Where did you hear about NOT paying for training costs? I made the cut (barely) but don’t want to stay anymore.

UBS does NOT come after you for training costs. Read your NFA contract. The ONLY thing you have against you is a six month “non-solicit” in your NFA handbook (that you signed the back of.)

excellent! ty

If it was happening today we would know by now.

http://dealbreaker.com/2009/04/layoffs-watch-09-ubs-3.php

If anyone from UBS needs a recruiter send me a PM.

can’t access the link, can you post text?

[quote=RecruitingWhiz]If anyone from UBS needs a recruiter send me a PM.[/quote]

As I was so eloquently told some time ago…

buy an ad and quit trolling the forums for leads!

"UBS announced Wednesday it had plans to ax everyone (actual figure: 8-large or so), and apparently the Swiss are really moving their asses on this one. Supposedly "hardcore" cuts will start going down today."

it’s happening next week - confirmed

[quote=Bodie]

Source?

Branch Mgr

bowel movement?  What does bm stand for?

It is happening today. I know someone who got the axe today.

canned or part of the layoffs?

I can definitely confirm that it didn’t start last week.

Here’s the latest I’ve heard:

Cuts are happening en masse next week.  If you survive the cuts, the firm will expect you to the do one of following by the end of '09:

1.  Have $100MM in assets under management.
2.  Do $1MM in production.

If you don’t have either of the above and aren’t on track to do either of the above, you will apparently not have a place at the firm going forward.  FAs will now be held “accountable” for reaching these benchmarks and management will take a far more active role in making sure levels get reached.

Clearly, once this round of cuts is complete, their plan is to slowly bleed out those advisors who aren’t fitting the new model, rather than firing them all at once.  This will give them  time to reassign accounts to other advisors and/or the investment center without overwhelming them with too many. 

Half of the Weehawken help desks will be gone and I understand there will be a pecking order going forward for getting things done (Chairman’s Council team will clearly get preference over the NFA/middling FA).  

This is certainly good news for those at the top of the food chain.  For the rest of us, I think the message is loud and clear.

The latest I saw was an article in “Investment News” which described the layoffs as “there will be a minimal amount of brokers let go, but a number of managerial and support positions will be eliminated.” It also said “there was a proposal to let go a number of low producers, but that was shot down immediately.”

[quote=georgicaclose]Here’s the latest I’ve heard:

Cuts are happening en masse next week. If you survive the cuts, the firm will expect you to the do one of following by the end of '09:

1. Have $100MM in assets under management.
2. Do $1MM in production.

If you don’t have either of the above and aren’t on track to do either of the above, you will apparently not have a place at the firm going forward. FAs will now be held “accountable” for reaching these benchmarks and management will take a far more active role in making sure levels get reached.

Clearly, once this round of cuts is complete, their plan is to slowly bleed out those advisors who aren’t fitting the new model, rather than firing them all at once. This will give them time to reassign accounts to other advisors and/or the investment center without overwhelming them with too many.

Half of the Weehawken help desks will be gone and I understand there will be a pecking order going forward for getting things done (Chairman’s Council team will clearly get preference over the NFA/middling FA).

This is certainly good news for those at the top of the food chain. For the rest of us, I think the message is loud and clear.

[/quote]

100m or you are out of a job… seems a little tough.

Why would anyone work for a company like this?  Obviously they are getting out of US brokerage, sooner or later. 

Yeah, it seems ridiculous – it might be more of a big market mandate (which is where I am and these types numbers are being easily hit by the majority of the established advisors in my branch) .  We may not see the firm populated exclusively by these types of advisors on May 1, but it’s clearly the direction the new management wants to take. 

I am just wondering what will happen to the nfa’s who are on salary + commission that did not get any advance warning.

If you take salary, and you’re tier 4 or 5…

I am not lvl 4 or 5. between 2/3.

still, no one is safe. question is, since on salary... severance is in order. oh well, we will find out next week.

Does anyone have any info at all w/ regard to recruits that took upfront checks and don't meet the criteria for production or assets under mgmt?

No severence. You are an “at will” employee.  You’ll get your salary check on the 25th, and then your final production check on the 10th of May.

What about the upfront check, will they expect it back?

Nope.

Well, let me qualify that… lump sum up front. No repayment.

well, Merry Christmas!

Effin A

FYI if you are UBS looking to move to SF…apparently SF can’t recruit UBS as part of the deal to buy the 55 branches.

Most of the low producers have already beeen counseld out the last two weeks.



There are supposed to be 2,000 layoffs in WMUS and another 2,500 in U.S. in bamking and trading. This is out of a total 8,900 cuts worldwide.



Who is going to get let go? Mainly non client facing individuals. Middle managers and support staff ( not CSA’s). You will see a lot less people in Weehawken. A lot less support people in the field. They are going from 8 regions to 3. Each region has a support structure, 5 of those support structures will no longer be there.



Will NFA’s get let go? I am sure that some will, and some will not. Some will get different rolls. the ones who are the more successful ones will still be here.



Are they going to let go FA’s who are not doing 1mm or have $100,000,000 in asets. I do not think so.



However, none of this is any different than what is happenning at all of the firms. ML laid off trainees 2 months ago.





Look at what has happend, revenue is down 35% in 7 months. They have to cut considerable overhead to get the cost structure in line with the new revenue or they can not make money.

Pp

Please clarify. What happens to recent recruits, quintile 1 or 2 from previous firm but revenue/assets down significantly due to move and below 100 mil assets/1 mil revenue, LOS 5-6? If let go, will up front lump sum be owed back and if not will only obligation be to pay taxes on advanced amount or will pro-rated amount be owed back commensurate to period of loan for which you will not be able to work due to having been let go?

Kaap,
Great question. I don’t know but it is interesting. UBS already booked the up front expense so the question is will the IRS require us to consider the remaining as taxable if they release us from contract. I know a guy who joined from another firm last year and now has unvested UBS shares. Will these be immediately vested? I think my whole branch is toast. Yes, they sold 55 really small branches, but lots of remaining branches do not fit the $1 million client. I know I sound like an indie infomercial but wow, I’m tired of the big firm BS.

Guys … I hear you …  I totally do, BUT you need to stop chatting on this forum, go copy your client statements and whatever else you need and hit the road.  I have moved twice and kept at least 90% of the people I was expecting to.  Have some confidence in your business and relationships and I think you will be surprised.  Segment your book and go one-by-one, be honest with yourself, and make a list who you think is in and who you think is out.  At the end of the day, you will lose some you thought you would keep and keep some you thought you would lose, but more importantly, you lose the people you didn’t really have a relationship with, and that is probably a good thing.  And even if you are doing less gross than what you have been used to, you are still going to net anywhere b/w 50-65%, which is at least a 80% higher payout then you are getting.  I think you will also notice that your attitude about prospecting will improve b/c now you are keeping more of what you bring in.

If you are serious about Indy BDs, then call Pershing, who is the #1 Clearing Firm in the Industry with over 900 BD clients and ask them who they might recommend in your area or region.  I think you will be surprised at what some of the smaller BDs are bringing to the table.

Secretknowledge,

What about BOMs? Are they going to be let go? What about the management structure in the branch? Will branch admins & op mgrs be asked to leave? When are the regions being compressed/reduced? It seems like alot is suppose to happen in a very short period of time. Thks!

I hate it for you guys going through this but, leaving ubs (you’ve been screwed) was the greatest thing i ever did.   

This cluster fukc of layoffs just ANOTHER example of ubs.   



The one good thing



…these jerk off’s just like a dumb client,

they are cutting people



…bear market over.    

IF they cut you…



be happy…move to a real firm

Mr Clutch,  good idea to call clearing firms, most BDs large and small are just remarketing the clearing services.  Go with a small firm where they know who you are and Compliance works with you not against you. The clearing firms know who is good and is having troubles.  They know the ins and outs of each BD.  I highly suggest do not go to a self clearing firm they are usually very large and will provide you the same hassles as a wirehouse or large regional (just a wirehouse that serves a region).  If you need benefits some indies will offer hybrid solutions so you get benefits of a wire but few hassles and you own your biz.  The 3 big clearings are NFS ( When I was in management we used them), First Clearing and Wachovia.  My opinion having dealt with all and talking to reps at all is: NFS is decent but have had tech integration issues but they are improving on that, FCC which is Wachovia and is integrating AGE, Wells, their old tech in Richmond etc. ( service in general was very questionable- like or hate no inbetweens) and Pershing has been solid.  RBC is another good independent platform but mixed reviews on service and not many BDs to choose from.  Pershing which is part of Bank of New York Mellon seems to be the most well rounded and clients have no issue with knowing you are affiliated with them.  Deutche uses them for clearing too which  comforts clients.  Call your regional Pershing office and ask for suggestions. BTW be careful of BDs excessively marking up any clearing firms services (they all mark up them up!) I personally am only looking at Pershing frims.  There are some smaller clearing firms but clients will not feel warm and fuzzy.  I am not representing clearing firms just trying to give info. IMHO go small BD with good excess capital per rep and clears through Pershing.  Pershing will help you narow your choice.

Betsyross:



Only the usuall for those areas. You might see some branches upgrade people if they have the opportunity. I do not think that these position are in very much danger of getting laid off. It is all about compliance and ops so I would find it almost impossible to believe thay would cut managers for those areas in the branches.



Branch managers are the same way. Someone has to run the place. You might see some CSA layoffs around the edges, but not mauch unless your branch was way overstaffed in the first place. Marten Hoekstra places to much empahsis on quality of client service.



I really think that you are going to see a positive change in attitude at corporate once this is all done. At this point I just think everyone wants it over with.



I think some of the comments on this site are from a lot of people who are not at UBS and do not understand what is going on there and around the rest of the street. There has been a cosmic change in revenue streams of FA’s in all distribution channels. All of us are going to have to make changes in our expense structures. That goes for those people who are indi also.



The lower producers will leave the wirehouses because the expense structure of all of the wirehouses is to high and therefore those brokers are not very profitable for them. They try to handle it by putting them in the “penalty box” instead of counseling them out of the business or to a different model.



So, you will see a lot of movement from the lower producing brokers either initiated by the firms (SF) or by the brokers. They will go to regionals were they are very welcome and profitable as there expense structures are much lower. A portion of those will migrate to indies and the rest will leave the business. It is called the mother of all shakeouts.



I do not think that you will see very much movement in the short term from the larger producers that have not already moved. Those of us who missed the window for various reasons will not move until we can compensated for it like we feel we should. Or, we have different employment stratagies at our current employer.



You will also see more branch consolidations in multi branch markets to drive efficiencies. And yes, the emphasis will be on larger accounts. By the way, that has been everyones emphasis anyways. Do they think that we intentionally go after small accounts?



Personnaly, I am very curious to see how ML/BA works out. I have already heard some interesting things about co marketing and cross referrals. If they can pull the referrals from the private bankers to ML it could be huge. Only time will tell. Citimorg IO am not sure about. I do not see the same type of referral opportunity. WFC i have not heard much about.

SecretKnowledge:

[quote=betsyross] SecretKnowledge:

Could anyone who is employed at UBS let me know what happens this week…



Thank You…

BOMs had a 2:30 call friday to get all info. Don’t know the details. We will know soon

Anything happening out there?

Not sure I want to go the office yet, I have a call in to and FA.  I have 4 weeks vacation, I may take them now.

What if we’re all wrong.  UBS announces a huge profit, ups the payout, no one loses their job.  I’m totally puzzled.

Then the monkeys that flew out of my butt will form a chorus line and sing a happy song…

When do quarterly fees hit?  The 23rd?  Maybe they are waiting until the day before and then canning everybody so they milk as much out of everybody as possible without the payout.

When do quarterly fees hit? The 23rd? Maybe they are waiting until the day before and then canning everybody so they milk as much out of everybody as possible without the payout.

Nothing happening in my branch today.  Heard some people were laid off in Weehawken.  Not confirmed though.

Hearing it’s going down Wednesday, books handed out Thursday. Supposedly as many as 1000 FAs will be swept out, those who don’t get cut but remain in the lower tiers will go onto production plans and then handled one at a time down the road.

Supposedly NO severance pay to FAs. Term reason will be lack of production which under ‘at will’ work arrangements means you get nothing if terminated.

Wednesday is the latest of all rumors I've heard so far...obviously last Friday and today were incorrect.

They are shutting down all computers 4:30 Wednesday for"updates"… Mandatory!

I cannot speak for everyone, but me and 3 of my peers were in fact pulled aside just after the close today by our BM. In a ‘hey buddy’ sort of way, we were told we were all going to be let go and he suggested we take some time to go get ‘ourselves set’.  I wish I could say I was shocked, but it just confirmed what I thought might be coming.

The four of us were: LOS 12, 18, 5 and 2.  He said 'because our production as of 3/31 was < $300k was the reason.  None of us are on a team. Not sure about that. This may vary depending on the market, but suffice it to say I’m in the Midwest, big city.

2 of the guys were freaking out. One has said for weeks that this is all overblown and they’d never cut him. He was doing north of $500k when I joined the firm.

We asked about severance, etc… he told us we would have to wait to hear the formalities but this was just because he did not want us to be caught by surprise.

I have been hooked up with a couple of options… my only concern now is getting the ‘talking’ that I’ve been doing turned into a real offer right now!  I’m afraid of a bunch of people hitting the market at the same time and it turning into a total cluster on me.

Wire-  This is exactly the feedback everyone needs to hear.  Thanks for your contribution.   FYI, from moneyline, select an account, get the legal info.  Then select the household tab and it pulls up all accounts in the HH.  This is the quickest way to pull all the info together.  You can do 10 HH per hour.

Wireboy, that’s brutal.  Very sorry to hear that.  I think a lot of us are going to be in the same boat.  All I can say is that I hope each and every one of us can land on our feet.

Not sure about you guys, but for me this much is certain.  If this sh*t show goes down as predicted, I can assure you that for the duration of my career, I will make it my personal mission to poach as many clients from this god forsaken firm as humanly possible.  I encourage all of you to do likewise.

[quote=Wireboy]I cannot speak for everyone, but me and 3 of my peers were in fact pulled aside just after the close today by our BM. In a ‘hey buddy’ sort of way, we were told we were all going to be let go and he suggested we take some time to go get ‘ourselves set’.  I wish I could say I was shocked, but it just confirmed what I thought might be coming.

The four of us were: LOS 12, 18, 5 and 2.  He said 'because our production as of 3/31 was < $300k was the reason.  None of us are on a team. Not sure about that. This may vary depending on the market, but suffice it to say I’m in the Midwest, big city.

2 of the guys were freaking out. One has said for weeks that this is all overblown and they’d never cut him. He was doing north of $500k when I joined the firm.

We asked about severance, etc… he told us we would have to wait to hear the formalities but this was just because he did not want us to be caught by surprise.

I have been hooked up with a couple of options… my only concern now is getting the ‘talking’ that I’ve been doing turned into a real offer right now!  I’m afraid of a bunch of people hitting the market at the same time and it turning into a total cluster on me.


[/quote]

Sounds like you at least have had a plan in place.  In my experience, I think you may be right. There will be a lot of surprised people who never thought this would hit them.  Getting a good situation is a lot easier to do while you’re still at the firm. Those who go negotiating after termination is done are in for a tough time. Clients don’t follow brokers very well days and weeks after the fact and firms are’nt stupid, they know that too.

It was crazy quiet in our office today. I’m starting to get really annoyed!  Just lay it on the line and let’s get on with it - one way or the other. Get ready to smile and dial Wire boy, best of luck to you!! Nice that your BOM gave a warning, my bom doesn’t even look at me! 

Wire,

Wireboy:

It is happening all week in a staggered format by region.



My Manager counceling out the brokers about a month ago so they could have time to make other plans. I understand it is the bottom quintile that is getting cut.



I heard that Weehawken layoffs started today

heard about the weehawken layoffs too.

Any idea what region will be today?

I have a feeling Los Angeles will be today. I heard someone tried to do the normal remote log in, & it said remote access wasn’t authorized.  Just last night this person was logged on the mobile platform.

Corporate’s bloodbath began yesterday in bumbling fashion:  http://dealbreaker.com/2009/04/layoffs-watch-09-tears-at-ubs.php

As a UBS alumni I can tell you that playing dirty to get the assets at your expense is part of their play book. I would hope that, in these times, they wouldn’t resort to their old tricks.

Talked to my BOM.  He has been gracious and has given me a heads up on as much as possible for over a month (he actually is a good guy) though he has been tight lipped lately.  He told me Thursday is d-day which may mean Wed afternoon.  He also said we will be comped on all biz up to termination.  U-5 wll read something to the effect of “company layoffs” not lack of production.  But then again he is management so what does he know.  He did say he tried calling people in weehawken for some branch issues and they had already been let go.  The dust should settle by Thursday morning.  I have a few indie BDs I am looking at.  1 clears through RBC and Pershing and has bank expertise with little or no mark ups on ticket charges, E&O etc. but their ticket charges are a little high on MFs (you can use about 2500 no ticket charge funds though-most majors) and another with great platforms and very reasonable charges only through Pershing.  I am only looking at small indie BDs. Fee only has too many limitations.  Big indies are just like wires.

Folks… the number if $300k or less regardless of LOS at least in the Midwest and West period. Cuts happened this AM in the Midwest FA ranks. I hear CA is happening after the close today from 2 very reliable sources.  

I just spoke with Weehawken and although it began yesterday afternoon, it will continue today and tomorrow.  There are security guards posted on every floor, too. 

Just got word from a friend that anyone doing less than 250 t12 with a LOS over 8 years got booted, no questions asked just gone.  People on support staff under 305 got the boot and FAs under 500 with a LOS over 10 have 50 days.  Not sure why they got 50 days, unless they set a goal for them to achieve.  That’s all the info I have as of now.

Also Heard all Trainees got booted too…

Just got word from a friend that anyone doing less than 250 t12 with a LOS over 8 years got booted, no questions asked just gone.  People on support staff under 305 got the boot and FAs under 500 with a LOS over 10 have 50 days.  Not sure why they got 50 days, unless they set a goal for them to achieve.  That’s all the info I have as of now.

friend works for an external recruiting firm that has contacts with some important people… I never question her =)

support staff for those doing under 305?

FAs  are getting walked out in California other western region states RIGHT NOW. Just had a call that absolutely confirms it’s happened/happening.  I guess there are STILL some surprised fools who did not think this could happen.

Guess what… I’ll confirm I’ve also heard the next step is indeed ‘performance plan’ correction action to all < $500k.  Think the wires want anyone under $500k still??? 

so 300 was the number?

Got canned this morning about 09:15 MDT. Coupla struggling newbies sent packing, one other veteran forcibly retired last Friday. Largely handled well, maybe one annoying comment about no farewell tour, just get out now. That in response to quick conversation in surviving FA’s office. Whatever.



U-5 will say “Other” with comment “Firm strategy.” (When “Other” box is checked on the U-5, it requires a comment). That’s about the best we could have hoped for. Might leave the door open for the public dole.



Can we claim our jobs were offshored to India? Maybe I can become a sob story in the NY Times and the next Democratic Convention. Did everything right and just couldn’t make it. Darn. Giant gov’t is the answer to all of it.



Off to other job classifications for us newbies. No concerns about other B/D’s, Indies, moving over the book. We’re done. It’s been real, it’s been fun, but not real fun. Went into production just as the plunge off the cliff began. Hard to get up the newbie curve when 0% cash beat the S+P by 40% in CY2008. A guy with a checking acct was an investing genius compared to me in 2008. Raoul Weil, Bernie Madoff and UBS tax cheating $780M fine didn’t help.



Best of luck to UBS $300K-500K producers on forced death march. If you don’t make it, hopefully you’ll be marched out with your dignity intact and find a soft landing. Toodles!

Got canned this morning about 09:15 MDT. Coupla struggling newbies sent packing, one other veteran forcibly retired last Friday. Largely handled well, maybe one annoying comment about no farewell tour, just get out now. That in response to quick conversation in surviving FA’s office. Whatever.

U-5 will say “Other” with comment “Firm strategy.” (When “Other” box is checked on the U-5, it requires a comment). That’s about the best we could have hoped for. Might leave the door open for the public dole.

Can we claim our jobs were offshored to India? Maybe I can become a sob story in the NY Times and the next Democratic Convention. Did everything right and just couldn’t make it. Darn. Giant gov’t is the answer to all of it.

Off to other job classifications for us newbies. No concerns about other B/D’s, Indies, moving over the book. We’re done. It’s been real, it’s been fun, but not real fun. Went into production just as the plunge off the cliff began. Hard to get up the newbie curve when 0% cash beat the S+P by 40% in CY2008. A guy with a checking acct was an investing genius compared to me in 2008. Raoul Weil, Bernie Madoff and UBS tax cheating $780M fine didn’t help.

Best of luck to UBS $300K-500K producers on forced death march. If you don’t make it, hopefully you’ll be marched out with your dignity intact and find a soft landing. Toodles!

Any news at all on recruits newly hired, w/ upfront bonus not meeting production requirements unde rhe “new” direction??? T12 300,00 +

Rather avoid specifics. Southwest Region under the old system. Mountain timezone.

Gotcha.  All quiet here on the east coast, unless this post jinxes it.

Amen to that, Bodie. Gorgeous, warm, sunny cloudless day out here in the Wild West. Much more uplifting to get sacked now than in the dead of winter. A beautiful afternoon to take the dog out for a stroll.



Only paid through the end of the week, but what the heck, we feel like we’re getting away with something, at least until Friday. Didn’t get stressed toward the end of the trading day either. Was nice.



Good luck back there in the decadent East. Here’s praying things remain quiet in your branch. May you and your clients enjoy the economic recovery together.

Atlantic Region–Appt with BOM tomorrow mid morning.

http://online.wsj.com/article/BT-CO-20090421-717333.html

Cue the fat lady, she’s on in five.

campy, were you an NFA?

Ja. NFA.

they let go all nfa's or only those under a certain level?

What part of the country is you’re friend referring to? 

How do you know appt with BOM tomorrow for atlantic region?

flboy4,

Campy, without giving your specific tenure, what quitile NNA and Production were you?  If you are unwilling to give specifics, were you less than 2/2, 3/3??

Today was brutal…Saw several people walked out-- some that were never going to make it (not all their fault), some that had made it in the past but were falling fast and unwilling to adjust, and staff that were core to our client service model in the branch.  This one is hurting everyone including local management, and it’s definitely a good night to marinate some cubes.

Lew, are you in the NW, SW?  Just curious based on some of the other comments in here.  Nice tip of the cap to Art too.

[quote=Iocaine]Lew, are you in the NW, SW?  Just curious based on some of the other comments in here.  Nice tip of the cap to Art too.

"were you less than 2/2, 3/3??"



Dunno exactly what those numbers mean, but I’m gonna say yes. The last 1.5 years were not a happy situation in a small city.

If anyone is interested in a regional self clearing firm that has the traditional wire house PCG side as well as an independent channel send me a PM. We have been talking to several UBS guys over the last few weeks. Either their branch got sold or they were just looking to make a move and beat UBS to the punch.

I just received an Outlook meeting invitation from my Branch Manager titled "Bloodbath".  Should I accept?

What state are you located?

[quote=Bodie]

I just received an Outlook meeting invitation from my Branch Manager titled "Bloodbath".  Should I accept?

[quote=NOVA][quote=Bodie]

I just received an Outlook meeting invitation from my Branch Manager titled "Bloodbath".  Should I accept?

Does anyone know if cuts have hit or happened in the NorthEast or Mid-Atlantic areas yet?  CA was brutal yesterday I hear.  Bev. Hills office got hammered was the word. 

Did they let go of CSAs as well?

They are going to start the east coast this afternoon and tom. No word on the NFA training program has be canned or not.

Why you figure they beat up the West first and waited to beat up the East last? Weird. You’d think the UBS offices down the street from Weehawken might have FAs who are neighbors of the home office folk. Word might get around.



I can see it now. Guy in a North Jersey UBS office has four guys in his office canned, and says, "Layoffs? Didn’t hear about any layoffs."



Beverly Hills got hammered? I thought the guys in that office all had clients over $25M and returns over 15% every year including 2008.



(Last sentence was intended to be sarcastic.)

Cali FAs were funny.  I remember in my NFA class when we were doing the cold calling lab there was this one joker that sounded super intense and kept referring to himself in the 3rd person.  Dunno if it worked out for him or not, but it was definitely LOL funny to listen to him.

Anything going on?

Word is Tom. In the Southeast area. Still No word on NFA’s

I always heard the 22nd.

nothing has happened yet, unless they are doing it after hours

If your BOM asks you to have a beer after work, should you accept?

Yea because it looks like the Fun will be here tom. You can have a hang over and then go home after the firing and rest

Layoffs in our branch are going down tomorrow.  Trainees not on teams are done.  Good times.

what area are you in?

Went down today in our branch in the NE.  For the record I am in the NFA program and was not let go and I do not have a trailing 12 north of 250m so there was some intelligence involved in the decision.  Additionally, I am not on a team.  Yeah it sucks for my effected collegues but it is not the carnage (line in the sand for ANYONE producing less than 300m) that the event was rumored to be in this forum. 

Congrats to you! What was the deal on those that were let go?

You were cut if LOS is >10 and your T12 is less than $300k, or your LOS is 5-10 and your T12 is less than $250k. NFA's I believe were done on a case-by-case basis.

All NFAs in my old branch were cut, plus two support staff, and two FAs with LOS <5 and production somewhere south of 300K. Rumor is that more cuts are coming. All FAs on edge (except the corner office guys.)

[quote=campyhub]If your BOM asks you to have a beer after work, should you accept?[/quote]

Yes.  Did you really need to ask?

Congrats to you! What was the deal on those that were let go?

 I was never on the grassy knoll, nor did I inhale.

No one from my old branch has been axed yet. My UBS friends are frustrated with lessening back office support but other than that all’s quite on the North East front.

No news on the people on deals...

We have more than a few recruits, most do not even have a trailing 12 at this point and none of them were let go.

locaine,

  Carnage??? 25 yrs and gone is that not carnage you little twit!!!

Went down today in our branch in the NE.  For the record I am in the NFA program and was not let go and I do not have a trailing 12 north of 250m so there was some intelligence involved in the decision.  Additionally, I am not on a team.  Yeah it sucks for my effected collegues but it is not the carnage (line in the sand for ANYONE producing less than 300m) that the event was rumored to be in this forum. 

How do you define carnage?? 25 years and gone is more than carnage you little twit!!!

[quote=Iocaine]Went down today in our branch in the NE.  For the record I am in the NFA program and was not let go and I do not have a trailing 12 north of 250m so there was some intelligence involved in the decision.  Additionally, I am not on a team.  Yeah it sucks for my effected collegues but it is not the carnage (line in the sand for ANYONE producing less than 300m) that the event was rumored to be in this forum. [/quote]


carnage you say.  How do yu define it?  after 25 years and no job, is that not carnage. YOU LITTLE TWIT YOURS IS COMING!!!

ex- you’re going crazy.  what were you doing between 10:58 when you made the 3rd post and 11:04 when you made the 4th?

best of luck to everyone

P.S. On his previous conference call, Martin said there would be a couple more conference calls by the end of the month. When are they suppose to take place?

any news?

Since I don’t work for UBS, this is quite interesting… I come in everyday just to check how crazy it is there…

Best of Luck to all at UBS. 

Got my packet this morning. Was going down pretty heavy in my office in the Metro area.

Both NFA's and FA's.

Employee forgivable loans are forgiven from reading the packet.

no severance.

Now off to interviews.

what state?

Happened to me this morning- Atlantic Region.  I was 2.5y into NFA program.  Employed through tomorrow.  I will be allowed to come back in to p/u remaining personal effects.

U-4 will read “Other” defined as a change in the strategy of the firm.

I believe that most of the NFAs in the branch were let go.  I know that
as I left my BOM meeting, I saw another NFA waiting. This was someone
with more tenure, more assets and a larger T-12.

Thinking of the bank route as the next step.  I want more support than what is available through an independent channel at this time.

Though with all of the depatures at wirehouses, I suppose there are plenty of accounts getting reassigned.  I am sure that the remaining managers and reps will want to make every effort to retain as many accounts as possible.  What about signing onto an established team somewhere that needs help in retaining the newly assigned accounts ?  Thoughts ?

I have been a lurker on this forum and have been amazed at the amount of posted information that has proven to be accurate.

Thanks !

Keep your heads up everyone !

I’ve got my meeting this afternoon with the branch manager.  He’s a good guy and this isn’t his choice, but we both know it has been coming and I have something else lined up.  We shot the s*** for a few minutes yesterday and I think it will be pretty laid back for me.  I’m worried for the lifers more than anything.  Definitely hoping they land on their feet.

I am in NJ

LOS 1.5? 18th production month. This summer would be 2 years, including training program.

Just had my meeting.  Manager was nice and was trying to help me find something too. He had a list of all my accounts which he gave to me and asked what FA I would like (trusted) to have larger accounts reassinged to  until I finalize my deal at an indie. That is about as much as you can ask for. 1.5 years in production 13.5mm in assets.  I actually did foresee a downturn in the market so my clients were 50+ % in cash, short treas, munis and I used covered call strategies (PBP etf and GATEX) so my revenues were weak.  I was supposed  to be evaluated based on rev or assets but an “at will” contract means they can change the rules.  But I still have my integrity and did the right thing for my cliens and they have called and thanked me.

Ugh…that was harder than I thought.  No matter how much you think you are prepared for it or how nice they are, it feels like crap.  Ah well…the sun is out.

[quote=kudzu]Just had my meeting.  Manager was nice and was trying to help me find something too. He had a list of all my accounts which he gave to me and asked what FA I would like (trusted) to have larger accounts reassinged to  until I finalize my deal at an indie. That is about as much as you can ask for. 1.5 years in production 13.5mm in assets.  I actually did foresee a downturn in the market so my clients were 50+ % in cash, short treas, munis and I used covered call strategies (PBP etf and GATEX) so my revenues were weak.  I was supposed  to be evaluated based on rev or assets but an “at will” contract means they can change the rules.  But I still have my integrity and did the right thing for my cliens and they have called and thanked me.

My assets were good but trailing 12 was 50.  That would get better as the market stabilized.  They were soley looking at production and profitability.  Doesnt take a genius to figure I was not profitable.  2.5 mm was to be wired in this week for bonds.  Oh well, things are picking up and my trailing 2 months will be 17k.  I will be better of indie.  I have a series 8 and 24 so in addition to personal production I will try to put together a bunch of FAs that are being let go or forced out at all the wires and negotiate some good indie payouts for everyone.  There are a lot of good ethical advisors out there that may not have the greatest production (according to the wires) but I would actually trust them with my own money.  Production is not the only metric to judge a “good advisor”  Long live the “real” good advisors!!!  If you do what’s right, production and longevity wil follow. One last ramble-Never think you know everything because a bull market makes geniuses out of idiots and a bear market makes idiots out of geniuses.  Good luck everyone!

Excellent post Kudzu. Good for you!

[quote=kudzu] Just had my meeting. Manager was nice and was trying to help me find something too. He had a list of all my accounts which he gave to me and asked what FA I would like (trusted) to have larger accounts reassinged to until I finalize my deal at an indie. That is about as much as you can ask for. 1.5 years in production 13.5mm in assets. I actually did foresee a downturn in the market so my clients were 50+ % in cash, short treas, munis and I used covered call strategies (PBP etf and GATEX) so my revenues were weak. I was supposed to be evaluated based on rev or assets but an “at will” contract means they can change the rules. But I still have my integrity and did the right thing for my cliens and they have called and thanked me.

I’ve been lurking here for about a week. I got axed on Tuesday in the midwest. Just started my 3rd year in the NFA program and just didn’t have enough assets (11 Million plus). I can’t understand why they kept any NFAs though… seems some under 1 year were kept. Anybody know why? Leaning towards the banks programs - hey, that’s what UBS was pushing anyway… more banking products and services…

Secretknowledge and Burton-

Is it over? Far from it.  Cutting was happening again today. I’ve yet to be wrong on this. It’s simple.  Keep in mind… this was a large RIF this week.  Further cuts won’t be a large scale RIF (reduction in force), rather, one FA here, one there based on failure to hit specific targets based on region. Many FAs who were not cut but who are not in the corner office are about to be given the royal penalty box and performance improvement plan treatment. I’m sure there’ll be many who again say, 'I can’t believe this is happening to me". Be forewarned. Wires are not recruiting and don’t want people who cannot lift into the top 2 quintiles very fast.  This sucks for everyone.  I know some of my friends who happen to be on higher ground at UBS who are pretty pissed about seeing their buddies they’ve known for years treated like garbage this week. 

All of you guys gotta remember, success is the best revenge.  Wirehouses make notoriously bad decisions, get a new seat and work your butt off for your clients.  You are all a lot wiser about the markets and this industry.  Best of luck.

Is it over? Far from it.  Cutting was happening again today. I’ve yet to be wrong on this. It’s simple.  Keep in mind… this was a large RIF this week.  Further cuts won’t be a large scale RIF (reduction in force), rather, one FA here, one there based on failure to hit specific targets based on region. Many FAs who were not cut but who are not in the corner office are about to be given the royal penalty box and performance improvement plan treatment. I’m sure there’ll be many who again say, 'I can’t believe this is happening to me". Be forewarned. Wires are not recruiting and don’t want people who cannot lift into the top 2 quintiles very fast.  This sucks for everyone.  I know some of my friends who happen to be on higher ground at UBS who are pretty pissed about seeing their buddies they’ve known for years treated like garbage this week. 

I got the ax as well.  Does anybody know how to go about acquiring a series 24 or 8.  Want to open own office and am going to study for these exams.  Wasn’t sure if I needed to be sponsored by a firm or what?  Need some help.

Terrier,
please stay away from the banks!!!  you’ll kill your self 'cause it sucks so much.  look at the mutual, specifically MassMutual.  Yes you have to sell an insurance prod or two but you have COMPLETE and TOTAL autonomy on how to build your business so if you want to do 90% investments you can.  and the myth that you don’t have access to the wirehouse type products is wrong because you have access to everything except for structured products and alternative investments, but you wouldn’t have access to that at a bank anyway.  point is, if you are willing to go to a bank, then at least look at one of the non-captive mutuals or insurance companies too.

Good luck to all you UBS guys and gals,and if I were you I would be talking with all the indy’s and regionals…SF, RJF etc etc.
Find a home before the seats are too hard to get if you have a decent amount of assets that you can bring you may get brought on. Whatever you do don’t go to a bank or wirehouse…you will just end up in the same predicament again.

and regarding why the new NFAs (18 months or less)were not laid off…it’s simple…because they will fail out of the business within the next couple of months anyway so why lay them off and have to pay portion of their unemployment.  it is cheaper to keep them and let their month 7 or 12 or whatever come up and tell them they are not cutting it and force them to resign. 

Bravo Kudzo, for having integrity and doing the right thing for your clients.  I am in the same boat;got booted in 8th month of production.  Was in high tier on my last evaluation in January but I guess the firm decided to change the rules and within a couple of months of being near the top in NNA, I now have gotten the boot.  But I am proud that I kept my client’s nest egg’s safe, they are so grateful, and I wouldn’t change a thing (like getting revenue off of them just to save my job).  I think you and I should should start a new firm that actually really does put their clients first and preserves capital.

Contact FINRA. You may be able to register to take the exam without bd affiliation. If you pass the exam, you have 2 years to become affliation with a registered bd or your license will lapse.

mjp123…please see my posting under Indiana Jones. Contact FINRA. I you may able to register for the exams without a current BD affliation. If you pass the exam, then you probably have 2 years to become affiliated with a registered bd or else your licenses will lapse. And if that happens, you would have to re-qualify by examination. FINRA has a website, and a customer service telephone number.

I went on an interview iwth a MassMutual GA, and i got to say, am impressed. anyone know if they hold UBS structured products?

Where are all the newbies going, i am guessing that they don’t have the production numbers to get them anywhere(not to mention no one is hiring)?

[quote=Squash1]Where are all the newbies going, i am guessing that they don’t have the production numbers to get them anywhere(not to mention no one is hiring)?

Some but they require production numbers

The government is hiring.

I got the ax as well.  Does anybody know how to go about acquiring a series 24 or 8.  Want to open own office and am going to study for these exams.  Wasn’t sure if I needed to be sponsored by a firm or what?  Need some help.

I went on an interview iwth a MassMutual GA, and i got to say, am impressed.  anyone know if they hold UBS structured products?  

This was all a joke. Any NFA that did make  this cut will be gone in the next few months. They didnt cut managment at all. NFAs that were making their numbers got screwed. We should have been given some warning. This is an ugly market for NFA’s. I was cut and i made my numbers and never had a warning.  Im Pissed!!

Seem to be a lone voice out here, but one other newbie and I (we were walked out together) will be exiting the industry. He’s in the legal field, me heading back to tech. Haven’t had all the unpleasant client conversations quite yet.



No big regrets from either of us. We learned a lot. This wasn’t for us and we didn’t have books anybody would want.



I like to think that under “normal” mkt conditions things would have gone a lot better, but it’s hard to say. It was like trying to ride your bike during Hurricane Katrina and pretend it was a sunny, calm day.



We won’t look back fondly on the last two years, but what doesn’t kill you makes you stronger. For all you other newbies, whether you’re staying in the biz or not - you have fought bravely and suffered mightily, but the opposing forces were overwhelming. You survived and it’s time to move on.



Best of luck to you all, my friends.

Is it still going down today?  Of course BOMs weren’t cut.  Who else would cut the NFAs?  Once all the brokers and CSAs and let go then the BOMs will get suprize visits. 

FYI – all accounts under 250k will be sent to the investment center.  The investment center is populated by a gaggle of clueless failed NFAs in Weehawken.  Clients sent there will not get individualized service (they will have to call an 800 number and get a different person every time they need help with their accounts).  Use this as ammunition when talking to your clients.  “UBS does not value your business enough to give you a dedicated advisor.”  These accounts will be easy pickings to ACAT over to your new firm.  I do know UBS will make an effort to retain these clients, but as long as you had a decent relationship and you are semi-competent, I can’t imagine any clients wanting to stay and have to deal with this service matrix.  Unless, of course, they are in PACE select in a taxable account, in which case shame on you for slinging that garbage.

During the last round of call center account transfers, we were allowed to retain Fee Based accounts under 250K…in fact under 100k.  But we were also given strict criteria regarding what we could retain.  Only exceptions were Fee based, about to become part of a larger household, were part of a Company SIMPLE IRA, or had been opened within the past 12mos.

Going forward, a UBS FA will not receive compensation for any account less than 50k, that is not in a fee based platform.  Many older reps built portfolios around “C” shares, with the expectation of receiving a 1% 12b1 trail each year.  “C” shares are not fee based and there will be many angry FA’s on 7/1/09 when this policy takes effect.

UBS and the other wirehouses are moving upmarket and will be shoving many FAs and clients out the door.  The industry believes that the Wealthy are less concerned with cost, thus making it easier for the wirehouse firms to generate bigger margins serving these accounts.

I loved hearing Hoekstra on the box talk about how it took the same amount of time to cultivate and open a $10mm account as it did to bring in a $100k account.  Hence we should all focus on $10mm accounts.  Yeah Right.  Well in my neck of the woods many of the wealthy have been significantly affected by bank stock lossess.  $5-$10mm net worth is now closer to $1-2mm and they are too scared to make any decision, much less move an account.  And “new money” $10mm net worth is still getting over ARS account freezes at their bank or current broker, because they thought ARS represented a safe parking place. 

The wirehouse sector is moving upmarket and I predict this will fail just as all previous branding strategies have failed.  How about provinding sound management, with proven products, instead of trying to re-invent the wheel every few years ?  Let the people who want something exotic or are looking for an extra 1/2% annual return go somewhere else.  Concentrate on the client that wants good and non volatile long term performance, and comprehensive asset management in coordination with their CPA and Attorney.  Maybe that’s why the regionals and independants are doing so well right now ? 

Did I just come up with my future misson statement ?

It was a memo!

Yeah, I have to say, it’s been real easy bringing clients over from UBs for those same reasons. A few of them left UBS so fast they left skid marks.

How is UBS letting people go without issuing a WARN notice?  Or did they?

NO WARN Notice!! They just say SEE Ya!

[quote=NOVA]Is it still going down today?  Of course BOMs weren’t cut.  Who else would cut the NFAs?  Once all the brokers and CSAs and let go then the BOMs will get suprize visits. [/quote]

Of course, the BOMS and other management positions will be LAST to be cut. It always goes down this way.  My old firm called it the “communications cascade” process… which basically means, if you’re in management, you get to do all the dirtywork and get a swift kick in the a$$ as a thank you for your loyalty and committment to the firm.  But, managers will get severence and probably their insurance paid for period of time etc.

I thought they have to issue a WARN notice if they are laying off more than 500 workers?

[quote=comeseeme]I thought they have to issue a WARN notice if they are laying off more than 500 workers?[/quote]

This is directly from the U.S. Dept. of Labor… read it closely.  Loopholes abound and legal has covered their butts long before any action happens.

WARN offers protection to workers, their families and communities by requiring employers to

provide notice 60 days in advance of covered plant closings and covered mass layoffs. This notice

must be provided to either affected workers or their representatives (e.g., a labor union); to the State

dislocated worker unit; and to the appropriate unit of local government.

Employer Coverage

In general, employers are covered by WARN if they have 100 or more employees, not counting

employees who have worked less than 6 months in the last 12 months and not counting employees

who work an average of less than 20 hours a week. Private, for-profit employers and private,

nonprofit employers are covered, as are public and quasi-public entities which operate in a

commercial context and are separately organized from the regular government. Regular Federal,

State, and local government entities which provide public services are not covered.

Employee Coverage

Employees entitled to notice under WARN include hourly and salaried workers, as well as

managerial and supervisory employees. Business partners are not entitled to notice.

What Triggers Notice

 A covered employer must give notice if an employment site (or one or more facilities

or operating units within an employment site) will be shut down, and the shutdown will result in an

employment loss (as defined later) for 50 or more employees during any 30-day period. This does

not count employees who have worked less than 6 months in the last 12 months or employees who

work an average of less than 20 hours a week for that employer. These latter groups, however, are

entitled to notice (discussed later).

Mass Layoff: A covered employer must give notice if there is to be a mass layoff which does not

result from a plant closing, but which will result in an employment loss at the employment site

during any 30-day period for 500 or more employees, or for 50-499 employees if they make up at

least 33% of the employer’s active workforce. Again, this does not count employees who have

worked less than 6 months in the last 12 months or employees who work an average of less than 20

hours a week for that employer. These latter groups, however, are entitled to notice (discussed

later).

An employer also must give notice if the number of employment losses which occur during a 30-day

period fails to meet the threshold requirements of a plant closing or mass layoff, but the number of

employment losses for 2 or more groups of workers, each of which is less than the minimum number

needed to trigger notice, reaches the threshold level, during any 90-day period, of either a plant

closing or mass layoff. Job losses within any 90-day period will count together toward WARN

threshold levels, unless the employer demonstrates that the employment losses during the 90-day

period are the result of separate and distinct actions and causes.

I got the ax as well. Does anybody know how to go about acquiring a series 24 or 8. Want to open own office and am going to study for these exams. Wasn’t sure if I needed to be sponsored by a firm or what? Need some help.

Anyone having trouble getting onto the termination transition site www.transition.ubs.com  ?  I am getting a message that the link is broken.  I think more than the link is broken.  Is it true my family now has no insurance coverage?  If so that is cold.

Good question Kudzu. How long do they give FAs health coverage? Do families get anything. I feel for you guys…really I do.

If you are not sure if you want to stay in the industry, there is a great book called Live Your Calling that can help you figure out what may be some good career options based on your skill sets, background and personality.

Don’t forget to tell your CPA connections when you get your resume polished up. They often know when their clients are in need of a new employee.

We’re looking to hire UBS brokers and I would like to talk to anyone that was a UBS broker or knows someone who was let go. (203) 629-3300

Don’t worry about health insurance.  You have COBRA for next 18 months if you need it.

The most important thing to do right now is call all your clients and tell them you have a plan (even if you don’t yet) and you’re doing your due diligence right now on which firm you’re going to go to.

With your A clients, ask them for their input.  Ask them which type of firm would they be most comfortable with (wire, regional, indy, etc).  They will appreciate the fact that you are including them in them in the decision making process. 

I’ve been pleasantly surprised at how fiercely loyal my clients are.  Many are angry at UBS and how this was handled.  Almost all are coming with me and some have already talked about adding assets to their accounts with me.

Good posts form all.  I am staying in the industry. I have 25 years plus series 24 and 8. The few (10-12) big clients have all said they are coming and are exicited about what I am doing.  Most are disgusted with the big firms. I will be starting an office in Atlanta, Hybrid type you can be a w-2, full benefits and 45-60% payout or full indie where you cover all expenses I have 90% of the details worked out, through an indie firm. Also the ability to work out yout won deal in a bank if you know a bank that would want your services and share revenu. The hybrid office will have everything you need, asst,conf room, full tech, paperless office, bond offerings from over 90 firms on the street, detailed performance reporting and you can work on investment banking deals and get paid.  Curious about opinions on clearing firms.  Any opinions on First Clearing, Peshing, NFS or RBC?  I used to set up offices for another indie firm a few years ago as well as running all products, insurance agency, recruiting compliance (still on medication for that) etc.  I figure besides UBS there are others that are getting squeezed out with lower payouts.  Looking for other ideas and thoughts what would make a perfect office.  BTW no giant egos allowed just small to mid sized ones.

Pardon my mispellings, I only had 3 cups of coffee so far.

One thing that I haven’t seen mentioned on this list is the fact that Hoekstra ran WMUS

What gross number was used…2008 production? or t-12 through what month?

Snapshot was taken 3/09 (rumor).  guideline was 250 based on los 5 plus.  BOMs did have some clout and were able to make arguments on a case by case basis.  Assets were irrelevant.  Favors were limited depending on branch profitability.  Some had no choice and had to raise avg production and profitability.  Small cities were more difficult due to demographics.  There was no line in the sand.  EFLs would have affected branch bottom line so not many were forgiven but my guess is anyone under 300 maybe even 400 life will be (insert expletive) unpleasant. I heard one FA with 20 plus years at UBS,Paine etc lost a large acct and production went under 250 and was canned.  Over that time he did over 10mm in gross plus money made on lending, cash etc.  Not a great way to reward loyalty eventhough he proabably should not have relied on one account for so long.  Good lesson not to cruise if you are going to live and die on one account.  Always press forward you never know what may happen, even if a client has been with you for years.

Thanks for the input…I know 3-4 people who have been there about 1-2 years and all had some problems bring clients over, so gross was down for them + the market…Pretty much the ones I am friends with came over doing about 350k, but all four are  under 200K t-12, couple way under and they had nothing happen here.  They were kind of worried just because of the unknown, but like I said nothing has happened so far.  One guy maybe at 120K t-12.  Were all guys on deals (efl contracts) left alone???

Kudzu:



I did not realize that anyone with that many years experience at UBS in Atlanta had been laidoff. I thought there were 15 in total in the city who either were cponseled out by manager earlier 3-4 weeks or laidoff.



Sorry it happend to you. Good luck with your venture.

Kudzu:



It was bottom quintile of brokers. About 2/3 of the NFA associates system wide were laid off. I believe if you were an NFA on team or were making the numbers on own were not let go. There will be further layoffs in management as market ares have shrunk to 20 and 7 regional managers will take some of those slots. I also think that some offices will be consolidated across the system. In Atlanta it does nort really make much sense to have 3 offices on Peachtree Street.

JoeNAtlanta?  Thoughts?  I assume your name is Joe and that your “N Atlanta”?

I have been trying to get on the transition website using multiple browsers since the 22nd with no success. What a joke but certainly no surprise from such a chickensht excuse for a viable firm.

I was with UBS through the DotCom boom/bust ( It’s a New Economy! Target price for Qualcom is $1000), the Enron/Woldcom debacle (stellar UBS analyst Ron Barrone’s strong buy rating on Enron right up to the bitter end), the auction rate freeze up ( it’s a great way to initiate client relationships !! , then: it’s no big deal that we’re going to put this on your U4, a lot of other people are going to have the same issue), the mortgage meltdown and finally the tax-evasion issue ( so what if one of our directors is a fugitive from justice ).

My BOM was a premier prick through all of this, as were the slithering sycophant suits that he has to kiss ass everyday.

I’m out of there and I’m not looking back. No more of that crap for me. I called all of my A list clients and they are pissed and preparing to leave. I learned a lot but I’m not going back into that bullsht business. I have a lot of other skills and talents and I’m not going to waste any more time moldering away in that backstabbing industry. Everyone still there has an ever growing target on their ass.

[quote=outofthere]I have been trying to get on the transition website using multiple browsers since the 22nd with no success. What a joke but certainly no surprise from such a chickensht excuse for a viable firm.

I was with UBS through the DotCom boom/bust ( It’s a New Economy! Target price for Qualcom is $1000), the Enron/Woldcom debacle (stellar UBS analyst Ron Barrone’s strong buy rating on Enron right up to the bitter end), the auction rate freeze up ( it’s a great way to initiate client relationships !! , then: it’s no big deal that we’re going to put this on your U4, a lot of other people are going to have the same issue), the mortgage meltdown and finally the tax-evasion issue ( so what if one of our directors is a fugitive from justice ).

My BOM was a premier prick through all of this, as were the slithering sycophant suits that he has to kiss ass everyday.

I’m out of there and I’m not looking back. No more of that crap for me. I called all of my A list clients and they are pissed and preparing to leave. I learned a lot but I’m not going back into that bullsht business. I have a lot of other skills and talents and I’m not going to waste any more time moldering away in that backstabbing industry. Everyone still there has an ever growing target on their ass.[/quote]

Sorry to hear it…but why did you stay all these years when they obviosuly were such a bad firm…why wait to have them can you? Seemed I would have moved after the first of that long list of debacles they went through…no?

I worked in the back office in Weehawken 10 years ago when it was still PaineWebber, still had name recognition and was the #3 brokerage house.  The great debacle that is UBS today is at the feet of Marron & Grano who greedily sold out a respected firm to the Swiss megabank.  Ill-fit for all involved and there’s been just one clusterf*ck after another since the deal was done.

My first experience with Grano, shortly after the UBS buyout announcement, went like this:      

My branch manager was running around the office franticly looking for an ashtray. Soon the hall way stunk of cigarette smoke. I walked down the hall to see who had the balls to smoke in violation of state and federal law. There was Joe puffing away. I guess the rules didn’t apply to him or his swiss masters.

Sorry to hear about the frustration of those that are suddenly let go with no advance warning.  When one door closes another one opens.  For those curious about the independent channel, I would get the book Going Independent at www.cantella.com to learn more about that side of the business. 

Q1: I have heard that the stimulus package signed by the President included a temporary COBRA premium reduction. I would like more information.

Individuals who are eligible for COBRA coverage because of their own or a family member's involuntary termination from employment that occurred from September 1, 2008 through December 31, 2009 and who elect COBRA, may be eligible to pay a reduced premium. Eligible individuals pay only 35% of the full COBRA premiums under their plans for up to 9 months. This premium reduction is generally available for continuation coverage under the Federal COBRA provisions, as well as for group health insurance coverage under state continuation coverage laws.

Q3: How can I tell if I am eligible to receive the COBRA premium reduction?

Is eligible for COBRA continuation coverage at any time during the period from September 1, 2008 through December 31, 2009;

Elects COBRA coverage (when first offered or during the additional election period provided by ARRA); and

The COBRA election opportunity relates to an involuntary termination of employment that occurred at some time from September 1, 2008 through December 31, 2009.

However, if you are eligible for other group health coverage (such as through a new employer’s plan or a spouse's plan) or Medicare you are not eligible for the premium reduction.

Moreover, electing the premium reduction disqualifies you for the Health Coverage Tax Credit, which could be more valuable to you than the premium reduction. Additionally, certain high-income individuals may have to repay the amount of the premium reduction through an increase in their income taxes. See FAQ #9 below for more information.

Q9: Are there income limits for the premium reduction?

Has anyone figured out how to get on the UBS “transitions” site yet?

I think you have to access it through ConsultWorks mobile.  Just one last chance to piss people off.

Are you serious? Last thing I had to do was hand in the security dongle. How do ya get on CW Mobile without it?

https://www.transition.ubs.com/HRC2/index.jsp

https://www.transition.ubs.com/HRC2/index.jsp

oooops! Sorry for the double post.  I got an error message originally.

do you have a copy of this?

Then, once you get on the site, the password that they gave you in your exit package

I was talking to a branch manager at another firm, and he asked me if I had heard anything

[quote=24yrUBS]I was talking to a branch manager at another firm, and he asked me if I had heard anything

one silver lining to UBS moves:

market has bottomed.   these idiots cutting back at the bottom.

UBS: last in everything

A friend of mine who was laid off said you can’t use Firefox as your browser to log in to UBS’s site. Try Explorer or Safari.

The cuts have continued this week.

where?

The cuts have continued this week.

[quote=flboy4]The cuts have continued this week.

They may be talking about what Hoekstra said on the call the other day. He said we had over 7500 FAs now and looks for it to be just under 7000 by the end of the year.

[quote=flboy4]The cuts have continued this week.

Here’s one that sucks for sure… Just heard from a guy I worked with 15 years ago at UBS.  He had taken a 2 week vacation and returned this morning to get FIRED!  Yes, he was supposed to be cut on the 24th with the rest of the guys in his office but the vacation bought him another 10 days. He was just < $200k as of March 31 in production and was still in shock! He’d not heard a lick of this going on as he was in the Bahamas and had purposely gone off line and no cell phone.  He literally rolled in there with no warning. He said some of his clients had filled up the vm asking why they were getting called from other advisors.

With the earnings release today, does anyone anticipate further layoffs in WMUS (aside from the management shifts that are going to take place with regions, markets areas, & branches)?

Yes.  250-400k brokers have been encouraged to increase production or look for something else.  It would not surprise me to hear that 250-300k producers are given 90 days to improve “or else” complete with signed notice at the beginning of the 90 days.

If the market rally continues, production may improve 15-20% for Jan-June 09 compared to July-Dec 08; helping many out of the crosshairs of management.

I wonder how many managers will have to go back into production and how many regional people will be shown the door ? 

After the sale of offices to Stiffel, the recent FA terminations and the intent to get to 7000 FAs by Dec, I wonder how many support staff in Weehawken will be terminated ?

 

A ton have already been let go in Weehawken. Whole units have been told to take a hike.

I assume my NV is re-syncing [url=http://www.ESCORTWINNIPEG.COM]Winnipeg Escort[/url] I accidentally cut it 

on with  [url=http://www.ESCORTWINNIPEG.COM]Winnipeg Asian Escorts[/url] constantly and drive 4 is flashing. And I can't locate it in raidar etc 

[url=http://www.ESCORTWINNIPEG.COM]Winnipeg Asian Escort[/url] If so any idea of how long ti would take all 

four drive are 500gigs. [url=http://www.ESCORTWINNIPEG.COM]Winnipeg Escorts[/url] I'm waiting to migrate my 

data to my Ultra 4.