UBS to Sell Small Branches?

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Mar 24, 2009 12:41 pm

Retention will be paid, I have seen it.

Better than expected.

Mar 24, 2009 12:53 pm
cppr33:

Retention will be paid, I have seen it.
Better than expected.

 
No offense but that's what we heard for months about Wachovia. Although...Stifel did not take TARP money like Wells did so I guess that is something to consider.
Mar 24, 2009 1:02 pm

It is part of the deal and it is in our hands.

Wfc/WB guys across the street are already calling.

Mar 24, 2009 2:22 pm

Is anyone hearing rumors of BIG cuts in the remaining UBS branches? I've heard that cuts are in the works to drop the firm to 5500 FAs. Basically trimming the bottom 3000 FAs.  Has anyone heard anything like this??

Mar 24, 2009 2:36 pm
cppr33:

Retention will be paid, I have seen it.

Better than expected.



I predict that this thread will reach 500 pages before the end of the month.

Mar 24, 2009 2:42 pm

300k and below, los 7+...rumor.

Mar 24, 2009 2:55 pm
HymanRoth:
cppr33:

Retention will be paid, I have seen it.
Better than expected.



I predict that this thread will reach 500 pages before the end of the month.

 
I predict that they will just ignore you like they did before.  Somewhere on this forum I read something that said that the people in our industry weren't greedy.  Guess what.  That guy was wrong. 
 
Can someone explain to me how a retention package is good for a client? 
Mar 24, 2009 3:09 pm

SF buys UBS.... hmm... From a recruiting stance a few things suddenly make perfect sense.

Exciting times, my friends...

Mar 24, 2009 4:25 pm
BukiRob:
nestegg:

I beleive there will be retention...look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.

Welcome to the family guys!

 
LMAO your high if you think there is going to be retention.  That or you havent been paying attention to the political landscape.  Now the adminstration is considering caping compensation for exec's at ALL financial firms weither they took TARP money or not.
 
If you havent figured it out, this administration is hel* bent on infusing as much socialism as they can before the average joe figures out he is getting royally screwed.
 
Absolutely, no way, no how will you get retention.  Well, you may get it but congress will pull an AIG and tax it at 90%
retention is going to be part of the it is part of the presentation and Ron mentioned it on teh analyst call....this isn't WFC/EW...we are not owned by the Gov't :)
Mar 24, 2009 8:49 pm
Spaceman Spiff:
Can someone explain to me how a retention package is good for a client? 
 
That's the new criteria? Every last element of how you're paid, retained, recruited, retired, all have to answer your question? If not, why should this element of the four above be different? It sounds like sour grapes to me.
 
If that's your concern, tell me why it's good for a client that you're not paid a minimal salary? 
Mar 24, 2009 9:46 pm

Stifel will absolutely pay a retention, just to make Ludeman look like a fool/liar. 

Mar 25, 2009 12:06 am

Retention's part of the presentation?  There may be retention, but it's not "part of the presentation."  The payment for forgivable loans in the presentation is because said loans are receivables until they're earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there's some "change of control" provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That's what's in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 

Mar 25, 2009 12:54 am
cppr33:

It is part of the deal and it is in our hands.
Wfc/WB guys across the street are already calling.

 
Then what is it? I hope you guys get it.
Mar 25, 2009 3:04 am
Spaceman Spiff:
HymanRoth:
cppr33:

Retention will be paid, I have seen it.
Better than expected.



I predict that this thread will reach 500 pages before the end of the month.

 
I predict that they will just ignore you like they did before.  Somewhere on this forum I read something that said that the people in our industry weren't greedy.  Guess what.  That guy was wrong. 
 
Can someone explain to me how a retention package is good for a client? 



Ignore me?

Mar 25, 2009 6:57 am
None:

Retention's part of the presentation?  There may be retention, but it's not "part of the presentation."  The payment for forgivable loans in the presentation is because said loans are receivables until they're earned out by the recruited brokers and forgiven by the firm; if the broker leaves, the loan becomes payable.  Therefore, SF had to pay for the existing loan balances of recently recruited brokers.  Unless there's some "change of control" provision in the contracts, anybody who came to these UBS offices recently now owes their loan to SF.  That's what's in the presentation.  Why would SF pay money to UBS for retention?  Think about it. 

 
There are few brokers who came to UBS that have had their offices included in this sale. They will be fine.
 
Mar 25, 2009 3:38 pm

So is this a done deal? All offices under $10mil production are now Stifel?

Mar 25, 2009 5:59 pm
slimpickens:

So is this a done deal? All offices under $10mil production are now Stifel?

 
Our office does less than $10MM, and we are still UBS...not sure what criteria they were using.
Mar 25, 2009 9:53 pm

so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force....or, are they window dressing for JP Morgan or any suitor for that matter?

Mar 25, 2009 9:58 pm

The criteria was < 5MM productions, and they were the smaller branches not located in a "Wealth Center."


 
The "Flyover" branches as Hoekstra put it.
Mar 25, 2009 10:08 pm
igrift:

so does this mean UBS is committed to wealth management in the US and are trimming down it to a leaner, higher producing sales force....or, are they window dressing for JP Morgan or any suitor for that matter?



Window dressing...the remainder will be gone withing the year