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UBS to Sell Small Branches?

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Mar 26, 2009 9:56 am

If so, the rest would need to be sold in one deal.  Selling 50 branches a month would cause turmoil.  I’m inclined to agree with igrift, shrink and upgrade -or- JPM.  If it is JPM (or someone) wouldn’t you think they’ve been identified already?  Would you sell your garage to someone without making sure the guy buying your house didn’t want a car with a garage? 

Mar 27, 2009 12:03 pm

Someone said 3000 FAs would be gone.  How many FAs would you guess produce below 300K?

Mar 27, 2009 1:46 pm

Very few branches got moved… Apparently Stifel was looking for accounts, rather than assets… my father in law works at a UBS office, where he is the top guy at $850K(they had 3 $1mill+ guys leave for SB, last year or so, maybe even longer), but they are under $5Mil and so if the office 20 miles from them, but it is all HNW people($5mil+, but apparently stifle wanted more accounts.)

Mar 27, 2009 5:13 pm

This seems like a no brainer at UBS.

1) recruit BIG players hard in Q4 08’ and Q1 09’. … pay huge money;  pump up the P&L AND average per FA production-  DONE.  Deals cut back twice already in recent weeks. Rumor they may even stop recruiting in coming weeks for a time.

2) Sell off small branches to Stifel, clean up the network, DONE

3) Toss ‘retention’ or pre-emptive retention money in the form of a bonus and ask FAs to agree to draconian non-compete terms basically locking down the FA force enmasse

4) CUT the small or broken down FAs from the remaining branches- some done… some ongoing and still to happen

Sell it off US retail …or do all of this to suit a buyer standing in the wings.

Mar 27, 2009 6:25 pm

Major changes this weekend for UBS? Watch the news…

Mar 27, 2009 6:38 pm

Do share!  I hear recruiting is going to be heavily impacted there to the negative… any validation of that?

Mar 27, 2009 6:49 pm
SuperRecruiter:

Major changes this weekend for UBS? Watch the news…

  Please elaborate.
Mar 27, 2009 6:59 pm

BOHICA Baby…

Mar 27, 2009 7:24 pm

In time, the answers shall be revealed…

Mar 27, 2009 7:27 pm
SuperRecruiter:

In time, the answers shall be revealed…

  So you have no info and want to seem like you do. Great thanks
Mar 27, 2009 7:30 pm
Chris Varick:

[quote=SuperRecruiter]In time, the answers shall be revealed…

  So you have no info and want to seem like you do. Great thanks[/quote]

Just wait untill monday, man!
Mar 27, 2009 7:33 pm

so now its monday not this weekend? Come on! you got nothing

Mar 27, 2009 7:50 pm

 UBS is going to CUT heads enmasse and freak out the entire retail FA world, or at least those in or nearing the penalty box. 

I’ve also had multiple recruiters who work with UBS tell me the money is gone! They’re done buying bodies. If you’re not in… you’re out.

Mar 27, 2009 7:51 pm

what level production?

Mar 27, 2009 7:56 pm

WOW! now that would be news.

Mar 27, 2009 7:59 pm

<SPAN =msgSidePro id=userPro136877 title=“View Drop Down” =“showDropDown’userPro136877’, ‘proMenu136877’, 160, 0;”>SuperRecruiter are you an outside recruiter or with a firm?

Mar 27, 2009 8:33 pm

[quote=badmove?]what level production?[/quote]

Don’t know and would by lying if I said I did.  BUT… I have talked to 3 separate guys I used to work with at UBS today, all of whom are BIG producers who are saying they’ve been offered what sounds like a pre-emptive retention deal and contract they need to sign.

I called a guy I know there at UBS doing $315k after 11 years who has heard nothing of any deal or bonus, contract or anything of the sort.  

Can anyone at UBS validate this?

Mar 27, 2009 8:41 pm

What a difference a few days makes.  When I talked to you on the phone I was very disappointed in HL pulling are deal and skeptical about SF’s deal.  Now that I have had a real chance to go over the SF pacakage it is actually equivalent to the HL offer on a net basis, just structured differently.  After research and review of the market opportunities I have come to the conclusion we are getting a very good deal with SF with out the hassle of moving.  The SF regional guy was in today and said that in fact there were UBS offices not on the list to be sold that would like to be.  UBS said absolutely not.  I get the feeling there is going to be another culling process either voluntary or forced soon. 

  I think your posts are on the right line from my perspective.
Mar 27, 2009 8:58 pm
burtonfinancial1:

[quote=badmove?]what level production?[/quote]
Can anyone at UBS validate this?

  Lot's of private meetings but I don't know what's being said.
Mar 27, 2009 11:33 pm

I think based on some of the little information I have heard is that there are going to be big cuts in support staff and FA’s who are 3rd quintile or less depending on LOS and market area. Those in the NFA program I am sure will be cut too based on who knows what but given what is coming down the pike, I think I might be lucky that my office was sold.

  I have heard about this quasi-retention bonus coming but I don't know the parameters or payout. I think that with the enaction of this retention, that it is going to lock FA's in and set the whole thing up to be sold.....that is pure speculation on my part.   WM America's for UBS is a tiny piece of the whole UBS operation so maybe they will dump it...