UBS - Layoffs and Sales
OK - is anyone hearing the rumors that Goldman is buying UBS wealth management, and UBS is clipping off the bottom 30% of producers (regardless of tenure) before completing the sale?
5 guys have left our office for Morgan (1 team and two others), and I've heard that management is having recruiting troubles because of the fear of instability.
Any insight out there?
Have not heard the GS stories or the chop the lower 30% but management "doth protest too much" about the we are not for sale issue. I remember hearing the same thing before Drexel, Shearson, Hutton, Dean Witter, PW, AGE were all sold. Besides, the Swiss have no love for the US based Wealth Management structure, it's too expensive. They can sell it and reconstruct a new "Euro-style" model for a lot less $$. I do know several UBS FA's and they also say that recruiting has been tuff for their BOM's . They rank very far down on the list of places I'd consider moving to, if at all.
Actually, I've heard the GS story two ways - one with a direct purchase, and one here UBS is folded into Ayco - which is a GS subsidiary (it was a purchase from American Express).
Perhaps that will stirr responses from other readers.
Talked to a well placed friend at GS, he has heard neither story. The avg GS private client broker manages just 50 relationships at a min of about $25M each so I din't think UBS would fit into that slot. Maybe the Ayco way works.
Talked to upper management person at MS and the rumor there for a while is them being interested in UBS.
Doesn't Ayco focus on employer benefit-type relationships? I think they provide financial planning for employees at big corporations. Not a typical B/D? Maybe I am thinking of the wrong firm.