UBS to Sell Small Branches?
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Basically said there will be layoffs, everyone will be effected either directly or indirectly and that all resources are being focused on core competencies (1mm-10mm clients).
I would like to extend my services and offer to handle any clients who fall between 500k and 1mm. I’m willing to sacrifice myself and not focus on the core competencies.
Seriously, good luck to you guys. This will continue to shake through what is left of the remaining wirehouses.CSW=Consultworks aka the workstation you have been using during your 10 year LOS.
Has anyone heard any details about the layoffs that are going to occur at the end of April 2009? If so, what are they?
D Day is 4/20 and will cascade on from there. April will suck at UBS
I’ve heard now from 3 direct people I know at UBS. All 3 were on the entire call. Today’s call was BAD! The tone was bad! The ‘change’ message and how it was delivered was taken as BAD from everyone I have talked to. If you’re <$300k, you’re done- period.
This is BS about it being $250k or $300k or whatever. If you’re < $400k, your life is going to be an unhappy one if you are spared… even more than you’re accustomed to at UBS. Trainees will not be spared. 20 year buddies of the BM will not be spared. Senior guys with clout are going to be pissed that they will loose some of their Jr. boys to this cut. Managers, one of which told me this… will likely have some egg on their face when they can’t protect people they thought they could. BMs and complex directors will be amongst those cut or reduced as well.
UBS has made it blatantly clear that they want to be known as a high net worth firm and unless you have that kind of business right now- you’re done. Kool-aid is for kids and fat guys wearing retarded huge pitcher costumes in lame 70’s TV ads.
Anyone at ‘risk’ should be smart enough to realize your leverage just got cut in half today as word is spreading. Your leverage is ZERO the day that pink slip happens. Saddle up and good luck all!
I agree with all of your comments.
The network call did not go over well. Every FA <$400k and every non-FA (including BOM) is now wondering if they have a job in 2 weeks. Productivity will drop off significantly. They are cutting costs, cutting lower producers, boosting non-payout business and therefore increasing gross production per FA....they are trying to boost the numbers to sell us. JPM WHERE ARE YOU???I keep getting PMs asking me where to go for those who may be impacted. I am not a recruiter although I know I’d probably earn more if I was right now! I’ve given Dave’s number out before and I would again. (480) 361-9490. They work all over the country.
Don’t WASTE your time making 5 calls all over town. You don’t have that kind of time. Managers are already conditioned to know that a bunch of UBS folks are about to be cast off. Get in front of your favorite recruiter or on their phone asap! They can help BEFORE you’re out and save you a bunch of frustration. Don’t bother calling after you’re out the door if that happens to you. Get separated from your clients and Met and the rest of the insurance based so called advisory firms can’t do much for you either.
Call Dave or PM me if you want and I’ll hook you up with a couple of other well known recruiting firms and people who I’ve known for a long time. Dave and a couple others I know are placing small guys… $150-$300k UBS advisors like mad at a couple of good firms and getting them upfront/back end money at least up until last week. Dont’ know how long companies will do that.
How will this affect any lower producers at SB, MS, ML or BofA? If what has been posted here regarding lower producers and even those with LOS under 5 is true, will the other firms do likewise going forward?
Horrible call. Hoekstra was contradicting himself left and right. Used to be a fan of the guy, but he came off as condescending and out of touch. At one point, I kid you not, he said FAs should be challenging recruiters who call them by asking them if American firms that are cutting heads and overhead are planning to exit the US market too (speculation has been rampant that UBS is preparing to sell the WMUS business and recruiters are exploiting this). Are you effing kidding me?!? He’s expecting us to defend the firm when he can’t give us any assurances about our job security? WTF?!? It’s one thing to take away our support and all our resources and then fire us because the firm is moving in a “new strategic direction,” but to expect us to sit there and pick arguments with recruiters who can potentially secure us spots at competing firms where our services will actually be valued is effing ludicrous. I guess this behavior shouldn’t be a surprise (he’s an exec, not an FA now), but I expected a bit more tact and a bit more of a clue from a guy who used to be in our shoes.
It is a bad day when you get more information from an internet form that your own branch manager…
Its good to be a trainee…