UBS - Layoffs

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betsyross's picture
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I heard UBS is going to have layoffs at the end of this month (April 2009). Does anyone know any details?

Iocaine's picture
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yes

Lew Ashby's picture
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For God's sake, man, at least take a glance at the other threads before starting a new one!  Really, did you not see the other 20 pages regarding your question?
 
Geesh

NOVA's picture
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What?  There are going to be lay-offs at UBS?

Amp2Indy2006's picture
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Maybe this thread should be changed to one of the following:
 
Will UBS exist in the retail market place after US based firms repay TARP?
 
Who will end up buying the UBS retail sales force in the USA?

betsyross's picture
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So, what are they?

burtonfinancial1's picture
Joined: 2008-09-30

Anyone get Hoeckstra's email after his infamous call yesterday? Word is it was essentially warning everyone that they're likely to get a lot of recruiting calls and pressure to move. Duh! After that lame call what the heck else is going to happen?

burtonfinancial1's picture
Joined: 2008-09-30

Buddy told me... see the Business Blog at UBS. Martin Hoeckstra's rehash of the conf. call. See section 1 "Restructuring and Layoffs"

unsure's picture
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Any ideas on what will happen to the "relatively" new recruits UBS brought in and paid upfront checks.  Will these brokers, if impacted by the layoffs, be forced to pay back the money?

Iocaine's picture
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The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.

burtonfinancial1's picture
Joined: 2008-09-30

Iocaine wrote:The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR?  dumb!  Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act.  Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!

Iocaine's picture
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burtonfinancial1 wrote: Iocaine wrote:
The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR?  dumb!  Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act.  Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!

 
My post was pretty clear num nuts, if you service the 1-10 mil client then you should be fine.  If not, then please feel free to explore any and all options.  Either way, in 2 weeks there will be a resolution to your situation.
 

bluetoon's picture
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Joined: 2009-03-29

so what happens if you want to leave and take your clients elsewhere BUT your still under contract with the NFA program. Should you leave before april 20th or after?

Coal222's picture
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Iocaine wrote: burtonfinancial1 wrote: Iocaine wrote:
The reality is, no one posting on here has a clue and anyone who claims to is speculating at best.  What is clear is that going forward, resources will be focused toward serving the 1mil to 10 mil client and as long as that is your "niche",  you will be fine.  If not, wait 2 weeks and all will be clear.Genius... so basically you're saying... wait till you're fired, separated from your clients and all will be CLEAR?  dumb!  Only an irresponsible idiot would work their tail off for days, weeks, months, and years to win over client trust and respect, survive a bitter market and then 'wait till all is clear' to act.  Were I at UBS... I'd haul my ass and my hard earned client relationships out the door asap and not look back!

 
My post was pretty clear num nuts, if you service the 1-10 mil client then you should be fine.  If not, then please feel free to explore any and all options.  Either way, in 2 weeks there will be a resolution to your situation.
 

This forum has been ungodly freaking accurate thus far......

NOVA's picture
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before.

NFA1972's picture
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Ditto! And how!!!

bluetoon's picture
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If I leave before....won't I get sued if I go to another firm? even though I'm probably going to be part of the lay-offs in two weeks? I assumed if I leave after....at least I won't get sued; but it may not matter. I'm so confused. I would hate to get sued for going to another firm when they don't even want me there to begin with (I'm below $300,000 in production).

Iocaine's picture
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If you are under contract then read your contract.  It will tell you what to expect if you leave.  That is a starting point for negotiating, if you do decide to leave.
 
 

NFA1972's picture
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Joined: 2008-08-11

Start the process now. It will take ALL of two weeks (and maybe longer) to get in with another B/D. As for your clients, stay in touch with them. If you leave, you probably have a six month "non-solicit." clause in your NFAD contract (it's located in the handbook.) Consult a lawyer about that, but otherwise, you should be able to leave with no problems whatsoever.
 
UBS doesn't come after you for training costs or anything like that. Unless your BOM is a real you shouldn't have any problem. But be sure to quit after you get your managed money commissions. :-)

unsure's picture
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Joined: 2009-04-09

What if you don't leave, you came over w/ an upfront check, they let you go bec/ you don't meet the 1mill to 10mill client requirement or whatever criteria they propose. Do you think the recruits will be asked to pay back the upfront money?  Keep in mind the contract doesn't say anything about being laid off.  Ofcourse it is very clear regarding the recruits time commitment.

S&P low 666's picture
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Joined: 2009-04-08

1mm to 10mm clien base?   thats total bullshti

NFA1972's picture
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That was straight from the Hoekstra's mouth!
 
To answer the previous question, if you got an upfront check, they will probably want that back, but read your contract. I'm sure their is language to that end in there somewhere.
 
 

S&P low 666's picture
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Hoekstra is a MF joke.  UBS is a MF joke.   They pay out the arse for FA's  (270%) in late 2008 and early 2009.
 
Then the MF Einstein is "surprised" revenue is down in a GD depression.
dumb and dumber   

NFA1972's picture
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No argument there. I left in Feb. Writing was on the wall even then. Much happier at my new B/D.

unsure's picture
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I have reviewed the language in the contract. There is absolutely nothing mentioned regarding a downsizing lay off situation. It is vague on the production requirements, offers additional opportunities to bonus along the way ( in this market environment, an impossibility)  It states that the upfront money would  be due to UBS if the FA is let go for reasons such as fraud, unauthorized trading etc. or if the FA were to leave prior to end of the contract period.   But again, no mention of what is expected if the FA is let go w/o flagrant misconduct.

Polycarp's picture
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UBS will expect the contract amount to be paid.  You will likely be able to settle for a lesser amount but you may need an attorney and then you have to do the cost benefit analysis.  No one is a union employee so your contract is a contract and they have the right to collect what you have not been forgiven in the "loan".

S&P low 666's picture
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Joined: 2009-04-08

Put your asstes in spouses name.   Tell that peice of crap firm to kiss your....a

Greenbacks's picture
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How can I find out the reps names in a branch?
 
I looked at the UBS web site and all they show is the branch managers name.
 
I want to call each rep in the office and make them an offer to get out before it is to late.
 
Any suggsestions?  

betsyross's picture
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Would you please include some contact info? Maybe an email address or more? Thank you!

betsyross's picture
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Who is your new B/D?

S&P low 666's picture
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greenbacks
 
Have the deal dropped off alot?  wfc will never pay.    (im not a prospect)   just curious.
9i guess your gonna lie about em anyway)
 

SuperRecruiter's picture
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Joined: 2008-10-22

unsure wrote:Any ideas on what will happen to the "relatively" new recruits UBS brought in and paid upfront checks.  Will these brokers, if impacted by the layoffs, be forced to pay back the money?No. Free pay day. Confirmed through valid source.

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Greenbacks wrote:How can I find out the reps names in a branch?
 
I looked at the UBS web site and all they show is the branch managers name.
 
I want to call each rep in the office and make them an offer to get out before it is to late.
 
Any suggsestions?  Psst! Shhh.. don't tell anyone. The UBS website is full of broker names... all you need to do is click "Find a US Advisorr" at the bottom of the main page. On the next page, enter a single letter in the "name" field. Pick city and state and hit search! If no one is found... pick another letter.If Wheel of Fortune taught me anything it's... "R, S, T, L, N, E"

NOVA's picture
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What does No.  Free pay day mean?
 
They won't be impacted by layoffs or they will and they won't have to pay back the money?

nestegg's picture
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Greenbacks wrote:How can I find out the reps names in a branch?
 
I looked at the UBS web site and all they show is the branch managers name.
 
I want to call each rep in the office and make them an offer to get out before it is to late.
 
Any suggsestions?  What firm are you with....depending which one they may be better off with unemployment lol

SuperRecruiter's picture
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NOVA wrote:What does No.  Free pay day mean?
 
They won't be impacted by layoffs or they will and they won't have to pay back the money?Yes, there will be layoffs.No (they will not be required to pay the money back) (Looks like they got a) free pay day.Better?

secretknowledge's picture
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Joined: 2009-03-28

Not true.

They will go after $$$ on new recruits over 2 years at UBS.

SuperRecruiter's picture
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secretknowledge wrote:Not true.

They will go after $$$ on new recruits over 2 years at UBS. How can they if they're going to sh*tcan these guys? How could UBS possibly go after someone they just layed off for money that was promised to be forgiven over the length of service?

Cowboy93's picture
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Because that's what the contract they all signed says.

RecruitingWhiz's picture
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Anyone need a recruiter?

unsure's picture
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SuperRecruiter , you mentioned free pay day or no impact to UBS recruits confirmed through valid source. Dose your valid source have any info on the criteria for new recruits that will be included in the massive layoffs? Will we be under a non-compete if they let us go? I assume if you don't have to pay back the upfront money you just pay the taxes for the 2009 tax year as ordinary income? I'm thinking if I don't have to pay back the upfront cash I may leave the business all together after 20 years in the industry. Sick and tired of all the bull**** and the recent downturn has me stressed to levels that can't be healthy!!

RecruitingWhiz's picture
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I've heard any new rep that got a "deal" and is let go will be able to keep the deal no questions asked.

unsure's picture
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Cowboy 93, the contract outlines specific reasons for UBS to terminate the contract... layoff due to massive restructuring and taking thier business model in a new direction is not included in the terminolgy.

fritz's picture
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Polycarp wrote:UBS will expect the contract amount to be paid.  You will likely be able to settle for a lesser amount but you may need an attorney and then you have to do the cost benefit analysis.  No one is a union employee so your contract is a contract and they have the right to collect what you have not been forgiven in the "loan".
 
 
Firms do not get money back for letting brokers go for lack of production.  Anyone who says they do is full of it.  In a blanket cut brokers owe nothing who are on deals.

fritz's picture
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Cowboy93 wrote:Because that's what the contract they all signed says.
 
You are 100% wrong.  Firms do not have a leg to stand on to ask for money back when the broker is still showing up and working.  If the broker is fired for a major issue, unauth. trading etc they will ask for money back most of the time  
 
They will not ask for money back on lack of production layoffs or letting a broker go who in their eyes is a low producer.

unsure's picture
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Fritz, I hope you are right!

SuperRecruiter's picture
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Fritz is right. If you have doubts, I would suggest seeking professional legal advice and bring your contract with you.Obviously, I can't give up my source, but I am confident in what said individual had to say. The line is going to be drawn in the sand at $400k T12 REGARDLESS of LOS. UBS understands that they will not be able to go after money owed on existing contracts. It was referred to me as a "clean cut"On a side note a non-compete would be nearly IMPOSSIBLE to enforce in a situation like this.

SuperRecruiter's picture
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RecruitingWhiz wrote:I've heard any new rep that got a "deal" and is let go will be able to keep the deal no questions asked.This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we're going to help him look for a new home, because he knows he's about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.

fritz's picture
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Been at two places for 20 years, seen over 100 guys get let go who where on deals and ZERO have been asked to pay back.  Friend is manager at MS and he also said firms do not ask for money back for brokers getting let go to lack of production.  

unsure's picture
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Good to know guys, I think I'll go enjoy my Easter break, sit by the pool and have a cold one! Happy Holiday!

Cowboy93's picture
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SuperRecruiter wrote: This is true. We (somehow) managed to push through a $380k producer (third quintile by LOS) at UBS. He got a 240% deal about 4 months ago, and now we're going to help him look for a new home, because he knows he's about to get cut. Best of both worlds for this guy, the only reason he went to UBS is because he could not pass up the deal.
 
I stand corrected...this guy--along with others in a similar boat--hit the lottery other than the hassle of having to move twice.  I want to hear of of one these people getting a deal somewhere else (much smaller I'm sure)...that would be the icing on the cake.

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