Danny Ludeman top choice to lead UBS

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Jul 31, 2009 3:13 pm

A UBS spokeswoman in New York said the bank has repeatedly mentioned in the past that its U.S. business was not for sale, and declined to give further comments.


CNBC said McCann and Wachovia Securities Chief Executive Daniel Ludeman were both in the running to lead UBS U.S. unit.


Media reports have said that UBS has considered selling its U.S. wealth management business, which consists mainly of the Paine Webber unit acquired in 2000 for roughly $10 billion, for a long time.


http://uk.reuters.com/article/idUKN3145949120090731  reuters UK
Jul 31, 2009 3:38 pm

Isn't McCann suppose to be good.. Might not be a bad move, might be able to rebrand Paine Webber

Jul 31, 2009 3:42 pm

you can have him. ummm

Jul 31, 2009 5:01 pm
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Jul 31, 2009 5:12 pm

There goes UBS as an option. 

Jul 31, 2009 5:48 pm

Bernie Madoff was the first choice, but he is currently off the market. 

Jul 31, 2009 6:30 pm
skillopie:

Take Danny, PLEASE!

 
He would fit in perfectly at UBS. Lie to the advisors, suck up to upper management.



Be careful what you ask for!

Jul 31, 2009 11:26 pm

Ludy wants to jump bcause Wells will be selling the b/d as soon as the climate improves...most likely in early 2011. that means 2 yrs here or 3 yrs at UBS....by the way say what you will about Ludy...if he leaves we have Hays (mother Merrill)running us like Mer...that my friends is not an improvement.

Jul 31, 2009 11:49 pm

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!

Aug 1, 2009 1:44 pm
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.

Aug 1, 2009 3:44 pm
Hydeho:
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.



 
 
You honestly thing there are more brokers now than when the merger was announced in May 07?  All the brokers they have recruited, all the trainees they have hired, and the number is still dramatically lower.  I have heard (do not know how reliable the source is) that the "regretable attrition" that WS wanted to keep under 15% is over 35% at AGE and the back office disaster has them bleeding legacy Wach brokers at an alarming rate.  But if you still believe that WFA has nearly 18k brokers, you are beyond stupid.
Aug 1, 2009 6:37 pm
Jebediah:
Hydeho:
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.



 
 
You honestly thing there are more brokers now than when the merger was announced in May 07?  All the brokers they have recruited, all the trainees they have hired, and the number is still dramatically lower.  I have heard (do not know how reliable the source is) that the "regretable attrition" that WS wanted to keep under 15% is over 35% at AGE and the back office disaster has them bleeding legacy Wach brokers at an alarming rate.  But if you still believe that WFA has nearly 18k brokers, you are beyond stupid.




" that WS wanted to keep under 15% is over 35% at AGE."

Then they would have lost a bunch of $250K producers, or NO LOSS!!

My market has added 12 FA's and lost 1 FA, AGE dude doing about $100K. BTW, was asked to leave.

Aug 1, 2009 6:57 pm
Hydeho:
Jebediah:
Hydeho:
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.



 
 
You honestly thing there are more brokers now than when the merger was announced in May 07?  All the brokers they have recruited, all the trainees they have hired, and the number is still dramatically lower.  I have heard (do not know how reliable the source is) that the "regretable attrition" that WS wanted to keep under 15% is over 35% at AGE and the back office disaster has them bleeding legacy Wach brokers at an alarming rate.  But if you still believe that WFA has nearly 18k brokers, you are beyond stupid.




" that WS wanted to keep under 15% is over 35% at AGE."

Then they would have lost a bunch of $250K producers, or NO LOSS!!

My market has added 12 FA's and lost 1 FA, AGE dude doing about $100K. BTW, was asked to leave.


 
 
Regrettable attrition means brokers they did not want to lose, I am pretty sure this doesn't include pikers.  I am happy to see your market up 11 brokers, however the number for the company is down thousands since the merger was announced.  Add in trainees and recruits, it gets much more painful.  Of course your market added 11 brokers so WFA is well on it's way back to prominence.
Aug 1, 2009 7:01 pm
Hydeho:
Jebediah:
Hydeho:
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.



 
 
You honestly thing there are more brokers now than when the merger was announced in May 07?  All the brokers they have recruited, all the trainees they have hired, and the number is still dramatically lower.  I have heard (do not know how reliable the source is) that the "regretable attrition" that WS wanted to keep under 15% is over 35% at AGE and the back office disaster has them bleeding legacy Wach brokers at an alarming rate.  But if you still believe that WFA has nearly 18k brokers, you are beyond stupid.




" that WS wanted to keep under 15% is over 35% at AGE."

Then they would have lost a bunch of $250K producers, or NO LOSS!!

My market has added 12 FA's and lost 1 FA, AGE dude doing about $100K. BTW, was asked to leave.



I think you are in a rare circumstance...in my market all teh 250k and under guys are the ones that stayed...one of the top teams from the WS left for UBS and from the AGE side dozens left to a variety of firms, mostly regionals and those guys were the bread an butter 250-600k guys. My old office for instance has lost the entire top half of the office...20 person office down to 10 and of the 10 only 3 over 250k and of the 3 all are under 500k. Of the 10 that left none were under 250k. They have brought in ZERO new brokers in the last 2 years. Same for most of my old region.

Aug 1, 2009 9:58 pm
nestegg:
Hydeho:
Jebediah:
Hydeho:
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



I would check my numbers if i were you, FA count up for the year. Low producers out, high producers in.



 
 
You honestly thing there are more brokers now than when the merger was announced in May 07?  All the brokers they have recruited, all the trainees they have hired, and the number is still dramatically lower.  I have heard (do not know how reliable the source is) that the "regretable attrition" that WS wanted to keep under 15% is over 35% at AGE and the back office disaster has them bleeding legacy Wach brokers at an alarming rate.  But if you still believe that WFA has nearly 18k brokers, you are beyond stupid.




" that WS wanted to keep under 15% is over 35% at AGE."

Then they would have lost a bunch of $250K producers, or NO LOSS!!

My market has added 12 FA's and lost 1 FA, AGE dude doing about $100K. BTW, was asked to leave.



I think you are in a rare circumstance...in my market all teh 250k and under guys are the ones that stayed...one of the top teams from the WS left for UBS and from the AGE side dozens left to a variety of firms, mostly regionals and those guys were the bread an butter 250-600k guys. My old office for instance has lost the entire top half of the office...20 person office down to 10 and of the 10 only 3 over 250k and of the 3 all are under 500k. Of the 10 that left none were under 250k. They have brought in ZERO new brokers in the last 2 years. Same for most of my old region.



I am at home (weekend), but when I looked at my Production Profile last week, I think it said there were around 11,200 advisors in the firm at the end of June.  Far from almost 16,000 at the time of the merger.  Additionally, my percentile ranking in the firm has remained pretty constant, so I don't think that the losses have across the board and not only been in the lower ranks, or else my percentile ranking would have moved much higher.

Aug 3, 2009 2:47 pm
Jebediah:

Danny's looking for a way out because he is a short timer at WFA.  Bleeding AGE brokers, bleeding WS brokers, they can't recruit fast enough with the financial handcuffs WF put on them.  17k brokers to 11k brokers since merger was announced, ouch!



Not sure where you get your info from, but every bit of it is wrong. 
 
Aug 3, 2009 4:53 pm
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Aug 4, 2009 11:51 am

17k brokers to 11k brokers since merger was announced?

 
Do you use that math to convince your clients how well they're doing?  Tell me what date and publication ever said WS had 17k brokers?  Tell me what publication now says there are 11k?
Aug 4, 2009 3:39 pm
RicRelo:

17k brokers to 11k brokers since merger was announced?

 
Do you use that math to convince your clients how well they're doing?  Tell me what date and publication ever said WS had 17k brokers?  Tell me what publication now says there are 11k?
 
Hey, don't go and confuse Jeb with facts. 
 
Aug 4, 2009 6:34 pm

The current headcount comes from the monthly rankings.  And I am willing to admit when I am wrong, 15k brokers when the merger was announced.  The number I would be curious about is the number of recruits and newbees hired.  This would make the drop far more drastic than 4K brokers.