UBS - Layoffs

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Apr 8, 2009 8:23 pm

I heard UBS is going to have layoffs at the end of this month (April 2009). Does anyone know any details?

Apr 8, 2009 9:02 pm

yes

Apr 8, 2009 9:43 pm

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?

 
Geesh
Apr 9, 2009 6:47 am

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

Apr 9, 2009 7:44 am

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

 
Will UBS exist in the retail market place after US based firms repay TARP?
 
Who will end up buying the UBS retail sales force in the USA?
Apr 9, 2009 8:16 am

So, what are they?

Apr 9, 2009 2:53 pm

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?

Apr 9, 2009 3:34 pm

Buddy told me... see the Business Blog at UBS. Martin Hoeckstra's rehash of the conf. call.
See section 1 "Restructuring and Layoffs"


Apr 9, 2009 6:28 pm

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?

Apr 9, 2009 7:24 pm

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.

Apr 9, 2009 8:02 pm
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.



Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR?  dumb!  Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act.  Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!

Apr 9, 2009 9:02 pm
burtonfinancial1:
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.



Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR?  dumb!  Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act.  Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!






 
My post was pretty clear num nuts, if you service the 1-10 mil client then you should be fine.  If not, then please feel free to explore any and all options.  Either way, in 2 weeks there will be a resolution to your situation.
 
Apr 9, 2009 9:26 pm

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?

Apr 9, 2009 9:34 pm
Iocaine:
burtonfinancial1:
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.

Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR? dumb! Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act. Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!













My post was pretty clear num nuts, if you service the 1-10 mil client then you should be fine. If not, then please feel free to explore any and all options. Either way, in 2 weeks there will be a resolution to your situation.









This forum has been ungodly freaking accurate thus far......

Apr 9, 2009 9:34 pm

before.

Apr 9, 2009 9:36 pm

Ditto! And how!!!

Apr 9, 2009 9:45 pm

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).

Apr 9, 2009 10:14 pm

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.

 
 
Apr 9, 2009 10:15 pm

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.

 
UBS doesn't come after you for training costs or anything like that. Unless your BOM is a real you shouldn't have any problem. But be sure to quit after you get your managed money commissions. :-)
Apr 9, 2009 10:21 pm

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.