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Apr 27, 2009 10:40 pm

https://www.transition.ubs.com/HRC2/index.jsp

just add an s onto http.   I hacked into UBS and found an area called "how to make life difficult for departing employees".  This included giving the wrong website in the termination package.  I hope this helps.  Despite my angry cynical post and a weak attempt at humor, try to stay positive and look forward.  I have found some interesting options if you want to stay in production and I am excited about moving forward.
Apr 27, 2009 10:43 pm

oooops! Sorry for the double post.  I got an error message originally.

Apr 29, 2009 6:31 am

do you have a copy of this?

Apr 29, 2009 4:21 pm

Then, once you get on the site, the password that they gave you in your exit package

doesn't work.  So I called them, got it reset last night and it worked, and now the new password doesn't work this morning so I had to call them again.   I'm an FA.  When the BOM canned me last Thurs., she handed me an envelope which she said was my final check.  That was just my draw.  Don't they have to pay us for whatever production we did in April (minus our draw)??   Also, if you were an FA and had any vested Partner Plus, you will get a check in June. Since PP means we are general creditors of UBS, I hope they have the money to pay- the way the company is bleeding money I just don't know.
Apr 29, 2009 4:24 pm

I was talking to a branch manager at another firm, and he asked me if I had heard anything

about another round of broker layoffs in July.  Has anyone heard of this rumor?  I am out of there, but I have several friends who would be affected if they go after the *new* bottom quintile.
Apr 29, 2009 6:59 pm

[quote=24yrUBS]I was talking to a branch manager at another firm, and he asked me if I had heard anything

about another round of broker layoffs in July.  Has anyone heard of this rumor?  I am out of there, but I have several friends who would be affected if they go after the *new* bottom quintile.[/quote]

I have been told by a couple of sources at the BOM level that they're not hearing about another 'wave' of cuts amidst FAs, however, they will be drilling down much more aggressively on the bottom tiers with performance improvement plans and formal corrective action plans that will basically force many to resign and seek safer ground who cannot quickly grow.  If you're under $500k there will be some action requiring growth to above that number. 

The FA who's 'thrilled' and feeling warm and fuzzy at UBS who missed the "cut" is probably going to find the coming months a little less friendly than he's assuming.
Apr 30, 2009 2:13 am

one silver lining to UBS moves:

market has bottomed.   these idiots cutting back at the bottom.

UBS: last in everything



Apr 30, 2009 4:37 am

A friend of mine who was laid off said you can’t use Firefox as your browser to log in to UBS’s site. Try Explorer or Safari.

Apr 30, 2009 4:07 pm

The cuts have continued this week.

May 1, 2009 12:16 am

where?

May 1, 2009 12:18 pm
flboy4:

The cuts have continued this week.

  Wrong!  The credits are rolling on this one for field personnel.  If you see someone let go now, it's isolated.  This thread should be put out of its misery, and you should reconsider next time before posting incorrect info.   LA
May 1, 2009 2:12 pm
Lew Ashby:

[quote=flboy4]The cuts have continued this week.

  Wrong!  The credits are rolling on this one for field personnel.  If you see someone let go now, it's isolated.  This thread should be put out of its misery, and you should reconsider next time before posting incorrect info.   LA[/quote]   I heard the same from an FA at UBS.  He avoided the big wave, but mentioned that cuts will be ongoing.  I assume the just aren't on the same scale as the last few weeks.
May 1, 2009 3:30 pm

They may be talking about what Hoekstra said on the call the other day. He said we had over 7500 FAs now and looks for it to be just under 7000 by the end of the year.

  People retiring, no new advisors being hired, or another "adjustment" to the grid for lower producers, could easily account for another 500 leaving before the end of the year. At least that is the way I took it.
May 4, 2009 3:21 pm
Lew Ashby:

[quote=flboy4]The cuts have continued this week.

  Wrong!  The credits are rolling on this one for field personnel.  If you see someone let go now, it's isolated.  This thread should be put out of its misery, and you should reconsider next time before posting incorrect info.   LA[/quote]   Make up your mind. Is it isolated or incorrect?   I only know what I know. It was proabably isolated but I know a guy who was let go on Tuesday. Hell he might have been on vacation for all I know. He may have been out sick. Maybe they were waiting for whatever. It was not incorrect info though. He is out.
May 4, 2009 6:15 pm

Here’s one that sucks for sure… Just heard from a guy I worked with 15 years ago at UBS.  He had taken a 2 week vacation and returned this morning to get FIRED!  Yes, he was supposed to be cut on the 24th with the rest of the guys in his office but the vacation bought him another 10 days. He was just < $200k as of March 31 in production and was still in shock! He’d not heard a lick of this going on as he was in the Bahamas and had purposely gone off line and no cell phone.  He literally rolled in there with no warning. He said some of his clients had filled up the vm asking why they were getting called from other advisors.


May 5, 2009 4:14 pm

With the earnings release today, does anyone anticipate further layoffs in WMUS (aside from the management shifts that are going to take place with regions, markets areas, & branches)?

May 6, 2009 1:10 pm

Yes.  250-400k brokers have been encouraged to increase production or look for something else.  It would not surprise me to hear that 250-300k producers are given 90 days to improve “or else” complete with signed notice at the beginning of the 90 days.

If the market rally continues, production may improve 15-20% for Jan-June 09 compared to July-Dec 08; helping many out of the crosshairs of management.

I wonder how many managers will have to go back into production and how many regional people will be shown the door ? 

After the sale of offices to Stiffel, the recent FA terminations and the intent to get to 7000 FAs by Dec, I wonder how many support staff in Weehawken will be terminated ?

 

May 7, 2009 6:12 pm

A ton have already been let go in Weehawken. Whole units have been told to take a hike.

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