UBS turnaround..not so fast

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Oct 27, 2009 6:41 am

Reputations and culture take decades...generations to build. Thinking that UBS has enough control over their own fate (other than cost control/an obvious and simple feat) and can make magnificent changes to aquire market share through competition, not aquisition, is a farse. In this business, you can't just decide you are going to be the best, you no doubt should try..but it does not work that way. Wealth management is not the new fad soft drink that gains popularity overnight by buying up shelf space, designing a new bottle and sporting a shiny new label!

Oct 27, 2009 10:21 am
pewter:

Reputations and culture take decades...generations to build. Thinking that UBS has enough control over their own fate (other than cost control/an obvious and simple feat) and can make magnificent changes to aquire market share through competition, not aquisition, is a farse. In this business, you can't just decide you are going to be the best, you no doubt should try..but it does not work that way. Wealth management is not the new fad soft drink that gains popularity overnight by buying up shelf space, designing a new bottle and sporting a shiny new label!

 
What a stupid post.  
 
FA is the engine for growth. 
Clients do business with YOU  
Name on door means little. 
especially now
simple biz
take care of FA, you grow.  
 
 
How is that generations of reputation and culture working at MER?  
Im sorry, BAC the tellers that had to save you.    
Oct 27, 2009 10:40 am

But the Swiss did come up with the brilliant YOU &US campaign which branded PaineWebber into  "Who do you work for, UPS?" Mr. Mcann has a lot of work to do..still think they are dressing up for a sale.  As for FA is the engine for growth, this is absolutely correct however clients still get a staement with a great big UBS on it and this brand is damaged beyond repair.

Oct 27, 2009 10:52 am

What does McCann mean by a 'leaner' company?  More focus on FAs in the upper tiers and less or none in the bottom? Less back office/centralized opps and staff? I guess that's probably going to take some time to know

Oct 27, 2009 11:03 am

Watch for complex driven layoffs next month. Then a new comp plan as the bottom half get starved out.

Oct 27, 2009 11:40 am
borei:

Watch for complex driven layoffs next month. Then a new comp plan as the bottom half get starved out.







stop.    think new. not old.



you long term U and US guys have been fukced so many times...paranoid.



cutting fukcing costs is the answer for losers like UBS.



Here is a unique concept: grow the business. be winners. get better.



You guys are like abused children.

Oct 27, 2009 2:07 pm

think.new.think.cuts.staff.cuts.payout.cuts.lpl.lpl.lpl.lpl.....

Oct 27, 2009 3:23 pm
borei:

think.new.think.cuts.staff.cuts.payout.cuts.lpl.lpl.lpl.lpl.....






i hear ya.    

Oct 27, 2009 3:48 pm

Meanwhile, rumors have surfaced suggesting that UBS might sell its wealth management business — rumors that Mr. McCann rejected outright. “This business is clearly still core,” he said. “I worked very long and hard, and sued the biggest bank in America, to get here today. We are committed to this business.”

Oct 27, 2009 3:52 pm
borei:

Meanwhile, rumors have surfaced suggesting that UBS might sell its wealth management business — rumors that Mr. McCann rejected outright. “This business is clearly still core,” he said. “I worked very long and hard, and sued the biggest bank in America, to get here today. We are committed to this business.”

 
I'm not sold on this guy.
Oct 27, 2009 4:27 pm

Hey he is willing to work cheap. And he sued the biggest Bank in America for that right. What a guy.

Oct 27, 2009 5:16 pm

who will we be? nimble, open and well global.



then he wants to know, who will we be?



not impressed.

Oct 27, 2009 7:23 pm

you long term UBS guys have Tramatic stress disorder.



It will be OK.    Will take time for you heal.



Your like Jacee duguard

Oct 27, 2009 8:22 pm

We may not stick around. Glad you got a multi-million dollar reason to stay, those of us who are in the bottom half may just wander away leaving you all to take care of Nimble Bob and hid PE pals.

Oct 27, 2009 8:46 pm

well. good luck either way

Oct 27, 2009 8:58 pm

And you.

Oct 28, 2009 11:12 pm
IndianaJones:
borei:

Meanwhile, rumors have surfaced suggesting that UBS might sell its wealth management business — rumors that Mr. McCann rejected outright. “This business is clearly still core,” he said. “I worked very long and hard, and sued the biggest bank in America, to get here today. We are committed to this business.”

 
I'm not sold on this guy.
 
I'm with you, Indy,
 
What an arrogant SOB. Makes the rest of them look less arrogant by comparison. Anyone with a pulse could sue BOA. Heck, anyone who pays taxes could probably sue BOA and get government support to do it. 
"We're not selling it".....sounds like " Investors, Clients....pay not attention to the man behind the curtain".
 
Who cares how long you worked or how hard? You are what your score says you are and right now the score is 00. Goose eggs.
 
<perhaps I need another cup of coffee...or some Cabin Fever whiskey ...and will come back with what I really think>
 
Oct 29, 2009 9:38 am
Shania Twain:

you long term UBS guys have Tramatic stress disorder.

It will be OK.    Will take time for you heal.

Your like Jacee duguard

 
 
see above.    gezz
Oct 29, 2009 9:49 am

He needs to cut middle management, streamline the home office, add more liasons on the trading desks and increase payouts above a specific production level....say 500k/LOS 5+.  Make it easier to get something approved from the marketing department.  Make compliance more user friendly.  Reintroduce PACE multi models.

 
Doing the above will increase morale, increase retention and make it easier for an FA in the field to do business.
Oct 29, 2009 8:25 pm

you just described every firm on the street