**New UBS Recruiting Deal**

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Dec 15, 2009 5:26 pm

MorningStar reports McCann has announced the NEW UBS FA recruiting deal for 2010.

To keep it simple...

1) Quintile 1 focused only

2) 130% cash up,  back end up to 155%   total max 285% of T-12

McCann notes UBS will NOT be leading the way in terms of sheer $s, but is focused on the highest quality FAs they can entice. 

Ok, so.. many questions remain about what UBS will eventually be and where it's headed.. AND we're going 'recruiting' with a deal close to but to equal to MSSB and ML.

Thoughts?

Dec 15, 2009 5:37 pm

I like mc caan

he is a winner



just hope he can pull it off.

dysfunction runs deep



The plan is have mccaan turn it around and then sell it within 3 years



ozzie basically said this.



Swiss would sell now but price to low.



can mccaan pull it off?   thats the question



I think WFC feels the same as the swiss



i bet WS and UBS become one within 3 years



I think this ALMOST happened when world was melting in late 08 early 09





Dec 15, 2009 5:37 pm

What is tier 1?

Dec 15, 2009 6:21 pm

Probably t12 of 750 or higher

Dec 15, 2009 8:32 pm

Damn!!! it looks like he is trying to create a combo between Bear Stearns(old days) and a wire.

Dec 15, 2009 8:54 pm

He is losing t3/4/5



That isn't good business.

Dec 15, 2009 9:09 pm

Why...? How many t3 guys does it take to replicate t1? I am guessing 5 or more...

Dec 15, 2009 9:20 pm

UBS was always above Ms/SB/ML in terms of average client size. They are upmarket, and that is where they are making it more distinct. They could care less for 250k accounts. average account in our office was north of 650k. the focus for us was now moving to 1mil min.

Dec 15, 2009 10:24 pm

aeromaks    / UBSwas always above Ms/SB/ML in terms of average client size





 
I never new the old Paine Webber and J C Bradford offices where that much bigger that MS and ML. Where are you getting those numbers?
Dec 15, 2009 10:56 pm
Squash1:

Why...? How many t3 guys does it take to replicate t1? I am guessing 5 or more...



Wrong question. By definition each tier is 20% of revenue, when you gut the bottom and middle you lose.

Dec 15, 2009 11:24 pm

corporate.... but it is also in the shareholder reports. =)

Dec 16, 2009 5:40 am

I also like Mcann...though I think he talks a good game. I've learned not hold people up to high.

Dec 16, 2009 10:08 am
pewter:

I also like Mcann...though I think he talks a good game. I've learned not hold people up to high.

 
Agreed. It's clear from his town hall meeting this week that alot ofchanges will be coming in 1st/2nd quarter. He said there will be more organizational changes. I got the impression, though, that it will be focused on management-probably senior management. He stated that the layoffs that occurred last year were tactical, not strategic. He said they got rid of too many people who were close to/tied to revenue. Basicly he said not enough senior managers were affected. I think it's very interesting that he hired a group from ML that don't have official job titles. I think he'll make that change in the 1st quarter. Basically, he also said that the reason he delayed the annual BOM meeting (from January to late spring/early summer) is because all the new people/positions will be in place by then. He's increasing the number of people on the bond desk (ITS ABOUT TIME) and also in the service group. He, hopefully, is going to reduce the number of letters/communications the firm sends out to our clients---it is especially insulting that these communications go out without our knowledge sometimes. He also, very bluntly, stated that the firm has been run poorly and dysfunctionally. I think he is still trying to get his arms around it. So we'll wait and see what he does.