UBS - Layoffs
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[quote=Takingnames]
May 07? Where does that factor in? Do you know the logic behind that? PM me if needed.
Kicking
[/quote] May 2007 is date of the start of the latest NFA program contract where you are judged as hitting your marks by the higher of either production or net new assets. The "old" contract is from, I believe 2004, and had different measurement points.Would someone please…please…please clarify the business plan aspect. It’s been discussed a little in this thread, but no one has elaborated.
I understand the business plan thing as you meet with the BOM or MAM and they breakdown what you are doing and how to do it better AND also give you “targets” to hit in the next few months…FOR EXAMPLE ONLY …opening 5 accounts that are over $500,000 in the next 3 months.
Basically it is giving them ammo to drop you IF you do not hit those marks. That is the best way I can describe it.Given all of the talk on the board about FA layoffs....how else can you take it? I do not know for sure but it looks pretty clear to me.Are the people who received these plans on the list to go?
What regional would take someone with a T-12 of $36K??We had 3 guys in our office get “counseled out”: 1 went to a small regional (still in the training program and doing t-12 of $36k), 1 joined a team, and another signed a retirement deal. 2 other guys who thought they were on the chopping block were told they were okay. So, unless it’s a regional thing, they appear to be giving fair warning to those who they want to cut.
Awful quiet around here tonight. Might tomorrow be the day they finally lead us to the chamber of unemployment. Getting tired of waiting but need the freedom from contract that the layoff may bring. Article on home page nows says 250 is the magic number.
Just want it to be over so I can move on. Good luck to all, whichever avenue you choose.I hear the hammer will fall either tomorrow or Monday.
One bright spot: apparently UBS will NOT be coming after NFAs for training costs if you stay in the biz and go to another firm.
Question is do you resign or let them terminate you. Thoughts?
Is that choice "terminate/resign" even an option. I thought it was simply going to be a layoff due to downsizing ?
If the number is $250k, then the next question should be what does the payout go to for those under $400k … 20-25%?? You might as well leave if that that is the case.
[quote=S&P low 666]UBS is a joke. Market has probaly made a low and recovering and these idiots cutting back. Same idiots that paid 270% on peak T-12. UBS last in everything [/quote]
The Swiss don’t impress me at all with their business acumen. They bought PaineWebber in 2000 just before the “lost decade”. Then they get busted for aiding and abetting US taxpayers from taxes.
Dumb, Dumb, Dumb.
UBS NFA here.... so if the heads roll tuesday or whenever... would NFA's qualify for severance? or what?
Anyone under lvl 2 nfa is done?
Where did you hear about NOT paying for training costs? I made the cut (barely) but don’t want to stay anymore.
UBS does NOT come after you for training costs. Read your NFA contract. The ONLY thing you have against you is a six month “non-solicit” in your NFA handbook (that you signed the back of.)
I was a 2nd year NFA. Have a book of 16MM. Not on a team. I was taking 80K in salary, and my grid was 20%. I hit all of my salary evaluations. I got fed up with the UBS bs, and left to join a team of ex-UBSers at RJ. I informed my BOM that I was leaving, and that I was taking my client contact list (minus account numbers - as per the protocol.) And that was it. No muss, no fuss... no TRO, no repayment of anything. They did not even enforce the "6 month non-solicit" as the vast majority of my clients are < 2MM, so they didn't want them I guess :-) RJ was happy to take them, and 85% of them came with me. Done. <--- this is me being all happy at RayJay.