UBS turnaround..not so fast

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!

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.

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

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

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

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

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

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.”

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.”

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

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



then he wants to know, who will we be?



not impressed.

you long term UBS guys have Tramatic stress disorder.



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



Your like Jacee duguard

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.

well. good luck either way

And you.

[quote=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.”

you long term UBS guys have Tramatic stress disorder.

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

Your like Jacee duguard

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.

you just described every firm on the street

[quote=exUBS]He needs to cut middle management, streamline the home office, [/quote]

This has already been done to the extreme. They have cut so much that they are now actually rehiring and hiring. They cut to deep and realized it.

agree with that UBStech – the back office has been gutted. The help desk hold times are insane and no one returns calls from the back office.

agree with that UBStech – the back office has been gutted. The help desk hold times are insane and no one returns calls from the back office.

[quote=ABOM]agree with that UBStech – the back office has been gutted. The help desk hold times are insane and no one returns calls from the back office.

[quote=borei] [quote=betsyross] [quote=ABOM]agree with that UBStech – the back office has been gutted. The help desk hold times are insane and no one returns calls from the back office. [/quote]

You did notice the “guffaw”, right. It was tongue in cheek.

mccann has his first call with branch managers tomorrow morning - ill keep you posted. On another note branch managers are dropping like flies. I know of 2 10mm+ branches where the managers have resigned in last few weeks. not fired - just quit.

now we will need to go bring in new managers and give them"guarantees" vs. just paying a fair salary to begin with… 

mccann has his first call with branch managers tomorrow morning - ill keep you posted. On another note branch managers are dropping like flies. I know of 2 10mm+ branches where the managers have resigned in last few weeks. not fired - just quit.

now we will need to go bring in new managers and give them"guarantees" vs. just paying a fair salary to begin with… 

those that quit have no place to go. there might be small brokerage houses that are wanting to get going in the area, but the market for branch managers is pretty thin right now. with MSSB consolidating some offices, and ML and BAC consolidating offices, branch managers are a commodity right now, it seems…plenty around

[quote=ABOM] mccann has his first call with branch managers tomorrow morning - ill keep you posted. On another note branch managers are dropping like flies. I know of 2 10mm+ branches where the managers have resigned in last few weeks. not fired - just quit.now we will need to go bring in new managers and give them"guarantees" vs. just paying a fair salary to begin with…

[/quote]





Interesting.    



Were these managers that were force to produce that quit?

I got a good feeling about this guy abom.    

I think he is gonna rock this place.



Thanks for updates.