Paine Webber Redux

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Oct 23, 2009 9:11 pm

11-1, McCann. 500K+ get retention bonus. Major layoffs in manager and support ranks, ditto home office MD's. Private equity structured buyout, UBS to keep minority interest.

Oct 23, 2009 10:00 pm

Is that first-hand knowledge, idle speculation, or wishful thinking?

Oct 23, 2009 10:27 pm

Yep.

Oct 23, 2009 10:31 pm
borei:

11-1, McCann. 500K+ get retention bonus. Major layoffs in manager and support ranks, ditto home office MD's. Private equity structured buyout, UBS to keep minority interest.





The Oz man has basically said it.    To0 cheap to sell now.



McCann gets freedom to shine her up for sale within 3 years.



Then Ozzie and Nickki Sixx cut bait from USA and go back to good old tax dodging for drug dealers



Oct 23, 2009 10:37 pm





The Oz-Ster

Oct 23, 2009 11:55 pm

I assumed as much. McCann is being announced Monday or Tuesday. Supposedly the Prince of Darkness left his Swiss chalet on Friday for NYC. Unfortunately for those hoping for retention, the only likely money they'll be spending is to hire all the ML FA's they can.

Oct 24, 2009 8:24 am
jacks:

   Unfortunately for those hoping for retention, the only likely money they'll be spending is to hire all the ML FA's they can.





yep



I really hope they do go old school with Paine Webber name.   

I cant stand UBS.    



Every time I see those fukcing retarded U and Us commercials on cnbc I want to throw my 20 year old stupid MFS glass desk trinket at the TV (not sure why I still have this stupid thing on my desk).



The ONLY good thing about UBS name was many clients didnt knwo who the hell they were.   

Your with USB?     UPS?     



U and Us     FU.   sure hope McCann has the nads and brains to change this place.



(I whine alot but, I made the choice to come here and its nobodies fault but mine and my partners for being greedy whroes for the moolay and not doing enough due dil.)   

Oct 24, 2009 9:00 am

Paine Webber name, I think that is wishful thinking.

Oct 24, 2009 2:25 pm

what if they offered equity as retention and recruitment package.  All you have to do is commit to eight years then you get a piece of the action when we spin this turd off.

Oct 24, 2009 2:35 pm

Problems for McCann,



employee loyalty, negative

client loyalty, negative

unique value proposition, negative

current technology platform, dated

current culture, toxic



on the positive side, a 36 month multimillion dollar contract.

Oct 24, 2009 8:38 pm
borei:

Problems for McCann,



employee loyalty, negative

client loyalty, negative

unique value proposition, negative

current technology platform, dated

current culture, toxic



on the positive side, a 36 month multimillion dollar contract.








Maybe wishful thinking but he has a history of being a gambler with some decent size balls   (he told BAC to f-off)   His background is as a trader.



The bar is pretty low which can work to his advantage. I hope he comes in and cleans house. Gets rid of the three stooges and all the other dumb ass dead weight.   change the name (which he has publically mentioned)



Blow-up all the stupid BS crap the idiots had (call centers, uber high net worth jedi garbage, the horrible operations etc.   Fresh start.



Distance himself and the firm from the Swiss Cheese Boys in Zurich.



I have seen it work with the WS/PRU merger. (I know you AGE guys think WS and Danny are the devil but it was a pretty decent firm before subprime meltdown).



PRU had the same Jamie Price dumbass stench as U and Us.



Since I have skin in the game Im probably biased but, I like what I hear from the guy.   Anything beats the clueless retards we have now. Its hard for me to believe Marten H. got to the position he did.   He is the most in articulate tool I have ever heard.    Some of the BS he spews is comical.



(Some of the technology is actually excellent)



The financial planning program is better then Envision.

(although it looks like they copied it with the Monte Carlo sim in there etc)



Oct 25, 2009 3:14 pm
borei:

Problems for McCann,



employee loyalty, negative

client loyalty, negative

unique value proposition, negative

current technology platform, dated

current culture, toxic



on the positive side, a 36 month multimillion dollar contract.





do you guys have any clue what goes on at other firms? here is reality at other firms vs. UBS:



employee loyalty: i guess it's high at other firms since the only remaining people are those who stayed - otherwise they have been obliterated by UBS the past 12 months in net transitions?



client loyalty: who likes any brokerage firm now?

unique value proposition: a good FA creates their own...what can other firms offer as a unique value? big banks who've been bailed out and still owe money? I moved from ML to UBS in late 2008, and they have a clear, major, value proposition from an FA perspective - they leave you alone and let you run your business they way you want - transaction, fee based, whatever!!



current technology: agreed, no doubt UBS is behind...saw where we were getting a thomson upgrade next year



current culture toxic: let me get this right - you actually believe it isn't the same at every other firm?



also, all of those "idiotic ideas" like call centers are at EVERY OTHER FIRM except UBS till this year...and were invented by ML...so if you think McCann is going to get rid of them - errrrrrrrrrrrrrrrrrrrr he ran a firm that invented them...

Oct 25, 2009 5:25 pm
JoeNatlanta:
borei:

Problems for McCann,



employee loyalty, negative

client loyalty, negative

unique value proposition, negative

current technology platform, dated

current culture, toxic



on the positive side, a 36 month multimillion dollar contract.





do you guys have any clue what goes on at other firms? here is reality at other firms vs. UBS:



employee loyalty: i guess it's high at other firms since the only remaining people are those who stayed - otherwise they have been obliterated by UBS the past 12 months in net transitions?



client loyalty: who likes any brokerage firm now?

unique value proposition: a good FA creates their own...what can other firms offer as a unique value? big banks who've been bailed out and still owe money? I moved from ML to UBS in late 2008, and they have a clear, major, value proposition from an FA perspective - they leave you alone and let you run your business they way you want - transaction, fee based, whatever!!



current technology: agreed, no doubt UBS is behind...saw where we were getting a thomson upgrade next year



current culture toxic: let me get this right - you actually believe it isn't the same at every other firm?



also, all of those "idiotic ideas" like call centers are at EVERY OTHER FIRM except UBS till this year...and were invented by ML...so if you think McCann is going to get rid of them - errrrrrrrrrrrrrrrrrrrr he ran a firm that invented them...



I agree.... everybody has similar issues BUT..... UBS is faced with antiquated and disfunctional systems and processes (more than just the commodore 64 workstation they use). It is as inefficient as the DMV or the US Postal Service. It is filled with incompetent individuals (not all but too many) from mkt. area mgrs. up. Compliance and operations are horrendous.... the most common response is "that's how we have always done it".... whether it makes any sense or not. There is zero accountability among management.... all their efforts go toward the continuation of the bureaucracy for the sole purpose of extending their careers and securing their positions. This is at the expense of the folks that actually deliver revenue and client experience...the CSA's and FA's. McCann will have to be willing to thin the herd quickly. Swiss ownership was not a plus for the US side but the existing leadership in US wealth management is IMHO the true cause of a sick organization.

Oct 25, 2009 10:23 pm
JoeNatlanta:

[quote=borei]

do you guys have any clue what goes on at other firms? here is reality at other firms vs. UBS:



employee loyalty: i guess it's high at other firms since the only remaining people are those who stayed - otherwise they have been obliterated by UBS the past 12 months in net transitions?



client loyalty: who likes any brokerage firm now?

unique value proposition: a good FA creates their own...what can other firms offer as a unique value? big banks who've been bailed out and still owe money? I moved from ML to UBS in late 2008, and they have a clear, major, value proposition from an FA perspective - they leave you alone and let you run your business they way you want - transaction, fee based, whatever!!



current technology: agreed, no doubt UBS is behind...saw where we were getting a thomson upgrade next year



current culture toxic: let me get this right - you actually believe it isn't the same at every other firm?



also, all of those "idiotic ideas" like call centers are at EVERY OTHER FIRM except UBS till this year...and were invented by ML...so if you think McCann is going to get rid of them - errrrrrrrrrrrrrrrrrrrr he ran a firm that invented them...







Yep    tons of experience.   this place the worst   by far



dysfunctional     PERFECT word

Oct 25, 2009 11:00 pm

Haven't been following this story too closely since I left UBS.  What's happening with Hoekstra?  Is he done?

Oct 25, 2009 11:57 pm
georgicaclose:

Haven't been following this story too closely since I left UBS.  What's happening with Hoekstra?  Is he done?




 
Dude....
Oct 26, 2009 12:53 pm
Lew Ashby:
georgicaclose:

Haven't been following this story too closely since I left UBS.  What's happening with Hoekstra?  Is he done?




 
Dude....



When I was there, there was talk Hoekstra was going to move into another role in corporate in Switzerland.  My understanding is that he was well liked/respected (not by employees per se, but the board) and the brass just wanted to exit the US market.

My understanding now is that McCann is being brought in to dress the firm up for a sale.  I'm guessing Hoekstra is gone too.  Just looking for confirmation.

Oct 26, 2009 10:34 pm

UBS.  U and BS.

Oct 27, 2009 4:20 am

       

       

   

BRIEF-UBS U.S. wealth mgt chief-no plans to sell U.S. unit

Symbols: UBSN.VX UBS I/BACT I/MNGISS I/NEWS I/US I/CEEU I/CH I/EUROPE I/WEU I/BNK I/DEAL I/MRG N/GEN

NEW UBS US WEALTH MANAGEMENT CHIEF SAYS INTENDS TO MAKE WEALTH MANAGEMENT A TRUSTED PROFESSION...



NEW UBS US WEALTH MANAGEMENT CHIEF SAYS HIS GOAL IS TO CREATE A MORE NIMBLE AND TRANSPARENT...



NEW UBS US WEALTH MANAGEMENT CHIEF SAYS HE WOULD HAVE NOT TAKEN THE JOB IF THE GOAL WAS TO SELL...



NEW UBS US WEALTH MANAGEMENT CHIEF SAYS NO PLAN TO SELL BUSINESS, NOR DO ACQUISITIONS ANY TIME...



MCCann Hired At UBS. Hoekstra Gone





ZURICH, Oct 27 (Reuters) - UBS AG : * New UBS US wealth management chief says intends to make wealth management a

trusted profession again * New UBS US wealth management chief says his goal is to create a more nimble

and transparent organisation at UBS * New UBS US wealth management chief says he would have not taken the job if

the goal was to sell U.S. unit * New UBS US wealth management chief says no plan to sell business, nor do

acquisitions any time soon

((Zurich Newsroom, [email protected], +41 58 306 7336))

((For more information, click on [UBSN.VX]))

Tue Oct 27 07:07:41 2009 -GMT- pnac (nWEA6836) = 1 07:25

Oct 27, 2009 5:44 am

So he lies in his first press release.