UBS to Sell Small Branches?
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5th quintile all LOS gone.
Not a retentiomn package being offerd is liquidity program versus deferred comp
600- 1000 Weehawken management layoffs
Newbies bye bye unless on team
Does anyone know what day the cuts will happen? I figured it would have been Friday. Now I think it will either be Monday or Tuesday considering it is the end of the quarter. What do you guys think?
That seems drastic… a friend who works at UBS doubts they will cut that kind of production. The stifel thing was overhyped and this sounds the same way… I don’t doubt that people will be cut, just not in mass…
They will cut salaries (redundant management, support, probalby some CSAs, and all NFAD still on salary, except those on a team.)
Also I've been hearing Tier 4 and below producers. All of that has to be done before offices can be consolidated. Offices colsolidated before WMUS is sold off. Of course, that's just my opinion. I could be wrong.http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:UBS&feed=OBR&date=20090329&id=9737483
I bet the 55 Branches that are now SF branches are very happy if this is true…maybe the rest of you in small branches can petition to be sold
[quote=bluetoon]
So this is what I heard on thursday from a BM. Nothing confirmed...just what I heard through the grape vine: 1) there is a list already going around as of last week that has FA names on it (both New FA's and Old). I was told that anyone BELOW lvl 2 in production (so level 3 or lower) was on the list. A BM could petition for exceptions to SOME of those people on the list. As of now, that same BM said he petitioned for a couple and all were rejected. Secretknowledge said it was 5th quintile and below. I hope it's this and not level 3 and below as what I heard. 2) UBS has like $300 million they need to cut from US branches before they move on to whatever. So, they are cutting any FA no matter what LOS that was below a certain level. The BM said it would be a blood bathe across the board and people would be shocked by the numbers. 3) He said we have about 2 to 3 weeks....but with everything coming out, maybe sooner. 4) UBS has said in internal emails they don't want to cater to clients with less than 1 million. 5) UBS has said any FA below $400,000 a year in production really isn't profitable for them. Hard to believe. Anyone else heard anything? [/quote]Anyone talking to recruiters who recruit for UBS lately? I have been told they're slowing down and pulling deals in dramatically, and may even stop for a time. Anyone hearing similar?? I was hoping to pull the 165% up front rip cord if all else fails!!!
[quote=NFA1972]
>> Anyone talking to recruiters who recruit for UBS lately? I have been told they’re slowing down and pulling deals in dramatically, and may even stop for a time. Anyone hearing similar?? I was hoping to pull the 165% up front rip cord if all else fails!!! << That ship has sailed my friend![/quote]EXACTLY! That's what I'm hearing. I know of some guys nearly 2 months into the 'process' who are being put on ice. Quintile 1 team! They were bragging about their 'big' deal.. word is that deal is going going and maybe gone at least for the time being.
See guys…this is why WS strung everyone along so long…before saying no retention…all those FA’s that didnt move are stuck now…Danny is smarter than most give him credit for.
So, not tomorrow but three Fridays from now instead?April 17th - the day the UBS World Stood still
I think it is sooner than April 17th. I have a friend in an office that already has boxes in the cage area that are ready to put the unfortunate brokers personal things in.
May seem like a stupid question, but here goes....Would a Pacesetter (club level) producer doing less than $400K/yr need to be worried? I have a friend (no, really) who has a short LOS, but has been kicking arse for her first 3 years. To hear that she is not profitable at UBS is disturbing. How in the world can that be so? Would UBS actually let that person go?
Here's another question-- Let's say a guy who has built a great business at UBS gets a pink slip due to no fault of his own, but due to some new minimum production level not being met. How hard of a fight will UBS put up if this person were to try to move his clients (post termination) to another firm (indie, bank, or regional)? And here's one more....If one is 4 years into a 7 year forgivable loan period, and he is terminated due to the bogey not being met, how would that play out? LAI have a question and please forgive me for intruding in the UBS forum but, “Has anyone heard of layoffs at the new Morgan Stanley Smith Barney?” I have been told a significant number of FAs (about 900) will be in the 20% payout. Also, does anyone have a comment about RBC or Commonwealth? Your insight would be appreciated. Thank you.
There’s no way this thing will get dragged out till April 17th. Today or tomorrow. I don’t know anything from the inside, but you can’t keep a “list of names” secret for longer than 3 hours and there is no reason to wait three weeks.
I would be surprised if any FAs that are on full commission get canned. What the big firms usually do (like mine) is just cut your payouts and/or nickel and dime you until you quit. That way your U4 does not have a termination on it and the company can go after YOUR clients.
If we are in a new world where layoffs are going to happen to FAs, and you get a pink slip, it’s probably for the best.
Lew, to answer your question, I would think that if you get a pink slip your do not have to pay back the loan (hence forgivable) and you could go after your book without any problem.