5 mins with BOM who has not spoke to me in 6 months.
Paid to tomorrow.
Benefits to tomorrow.
20 mins to get out. Security waiting.
Those of you left need to know the type of company you work for. Damaged goods. Get out.
Security at the office? Wow.
It sucks, and I am sure there will be lawsuits starting tomorrow but ours went off without fireworks, and were given as much time as we needed.
Don't spend your time with lawyers. First 4 days sucks, after that you'll have good days and bad but you'll have all the time in the world to find a much better place.
actually, the issue is, NFA's were being a salary, not a draw. When it is salary, there has to be a warning notice under statutes, which we did not get.
That is the major difference. Already have a few interviews lined up, but if by law we were to get noticed would be good.
Because, unlike FA's under 300 that were out of NFA program that got put on the business plan... I did not get any signs or anything. And even if you are an at will employee, that does not let the company off the hook of WARN.
So with the WARN act in affect would they let you go and just continue to pay you the mandated 60 days?
It's kind of hard to be sympathetic to many of the readers of this forum who were given ample warning by the Paul Reveres of the board who have been saying for months that this was coming. It's not a shock. If you buried your head in the sand, and now find your self in a very crowded job market where UBS guys are a dime a dozen, well...
I was lucky enough to resign at the beginning of this month, not long after getting my NNA bonus of 15K. BOM never saw it coming, and I've taken most of my clients with me. Of course it was a gamble. I might not have been cut. But I am MUCH happier at my new firm, and don't have to keep defending UBS to any clients or prospects. That's nice too.
Anyway, good luck to everybody.
UBS are not crooks. Unless you have been asleep for the past 3 months, you know that something was going to happen at the firm. Most at risk would logically be NFA and lower end producers...T-3 and below NFA, less than $250k Tr-12. I do think that the Swiss are taking a harsh stance with regard to WMUS. Listening to what has been said and reading between the lines, the strategic intent looks like a move upmarket to become UBS-Private Bank. Doing so will level the platforms between US and Europe. Doing so will mean significant changes to WMUS, with the current round of cuts as the first step. I would expect more FA attrition going forward and more preasure to get rid of accounts that do not conform to the new strategic standards.
Harsh for those affected, but time to move on.
It sounds to me like your manager is simply an awful human being. I was fortunate to have been working for the best branch manager I have ever seen in my 4 years in the industry.
Your guy sounds like the old school dinosaurs that thinks they are more important than they are.
NFA1972 said "It's kind of hard to be sympathetic to many of the readers of this forum who were given ample warning......" "If you buried your head in the sand, and now find your self in a very crowded job market where UBS guys are a dime a dozen, well... "
Well, I have been in production for less than a year....but have not been here for the two year hitch (which I am required to complete before changing firms). So, I guess I "Buried my head in the sand".
My office has not done any cuts yet. Some are expected. I am 1/1 within my training class. We will see.
When I went indy, the BM had security come up to the office. I had the security guard carrying boxes to my car.
"When I went indy, the BM had security come up to the office. I had the security guard carrying boxes to my car."
Well that blows.
I've wondered as the end of my short UBS career approached as to whether UBS policies were formulated to treat us like morons, criminals or both.
Sounds like the theme for that day, HAAIC, was the "criminal" part. Security to carry out your boxes? Idiots. Did they frisk you before you got in your car?
It sounded more like he had the last laugh by taking what he needed in his boxes and having security guy carry it for him to boot. LOL.
UBS paid 3 FA's in Raleigh NC 265% total deal this week.
195% up front.
7.2 million in gross
14 million up front check
stupid idiot wh%$##s
Note to the cry babies... Do more business!
Also, the UBS deals have done nothing but decrease since the first of the year. There is no 265% deal, but why let the truth get in the way of an ignorant post.