Wells Fargo buying UBS

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Ping49's picture
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Joined: 2011-01-07

Is there any truth to this?  Rumor is that it might be announced by the end of the month. 

Ping49's picture
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Joined: 2011-01-07

Anyone have any news on this? 

NOVA's picture
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Joined: 2005-01-11

2 yrs ago you'd get all sorts of enthusiastic replies.  Everybody left when they changed the format.  Now it's like a chat roon with 4 people.

Lew Ashby's picture
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Joined: 2009-01-13

I highly doubt it. UBS is investing like crazy in the WM unit right now. They're upgrading everything at a rapid pace, spending lots of money in the process. This is hardly the MO of a division about to be spun off. Typically, if you wanted to spin off a division, you slash all expenses, cutting everything to the bone, making the bottom line look as pretty as possible for the short term. But, who knows? Stranger things have happened.....

Lew

NOVA's picture
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If it goes through, hopefully McCann will be on top.  This mortgage and lending garbage is a constant irritant.

Mucker's picture
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Joined: 2008-10-27

NOVA wrote:If it goes through, hopefully McCann will be on top.  This mortgage and lending garbage is a constant irritant. After going through the AG Merger with Wachovia, I can assure you that McCann will be gone before the ink is dry.  Wells is recruiting like mad and replacing sub $250K producers with Above $350K producers, I don't think they would be interested in expanding at this point.  I believe the next step is to further integrate all the Wachovia and AGE branches, then from there expand.  But who knows...

Rycruiter's picture
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Joined: 2010-11-15

Wells Fargo is expanding at a tremendous, but sustainable rate.They would never be interested in a Merger or Acquisition from UBS. Take a look at UBS's profits, in the USA, for the past 15 years.... it's scary.It is very possible that UBS may spin off their bottom 10-15% like they did a few years ago with the sale of sub $1M offices to Stifel a few years back.

willywonka's picture
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Joined: 2011-06-07

Lew Ashby wrote:I highly doubt it. UBS is investing like crazy in the WM unit right now. They're upgrading everything at a rapid pace, spending lots of money in the process. This is hardly the MO of a division about to be spun off. Typically, if you wanted to spin off a division, you slash all expenses, cutting everything to the bone, making the bottom line look as pretty as possible for the short term. But, who knows? Stranger things have happened..... LewMaybe they are "putting lipstick on the pig"....LOL!!! They may be making big investment right now to dress up the unit for eventual sale!  

NOVA's picture
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Joined: 2005-01-11

They may be making [insert "a"] big investment right now to dress up the unit for [insert "an"] eventual sale!

lobstar63's picture
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Joined: 2011-05-21

There were some rumours in March and may about this. UBS denied everything anyway but you can't trust anyone. The UBS employee would leave if it happened that Wells took them over.

Lew Ashby's picture
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Joined: 2009-01-13

lobstar63 wrote:There were some rumours in March and may about this. UBS denied everything anyway but you can't trust anyone. The UBS employee would leave if it happened that Wells took them over.

You are correct. Everyone would be disappointed in a major way. UBS would most certainly need to give everyone hundreds of thousands of reasons to stay, if not millions. Some already have golden handcuffs, but there are many who don't. And I'm sure other wires would be more than happy to make up for those forfeited dollars, if someone were to leave.

Having said that, I am still quite confident that McCann is a man of his word, and this division is staying put.

Lew

Rycruiter's picture
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Joined: 2010-11-15

In my opinion, the WF Advisors would be the most pissed off. UBS has really shot themselves in the foot. I wouldn't recommend to anyone to go to work for UBS.

Lew Ashby's picture
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Joined: 2009-01-13

Rycruiter wrote:In my opinion, the WF Advisors would be the most pissed off. UBS has really shot themselves in the foot. I wouldn't recommend to anyone to go to work for UBS.

Why would you not recommend working at UBS? What are you basing your opinion on? How has UBS shot themselves in the foot? Are you dredging up old issues from 3 years ago, or are you adding value with new info?

Lew

Barack Owebama's picture
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Joined: 2011-01-02

Lew Ashby wrote:Rycruiter wrote:In my opinion, the WF Advisors would be the most pissed off. UBS has really shot themselves in the foot. I wouldn't recommend to anyone to go to work for UBS.The turn around at UBS is beyond wordsMcCann=God.27 years experiences.many firms and name changes.best place ive ever worked for.went from the worst to the best.  a miracle.PS  mr recruiter.    wow  you have credibility here.   tool    

Rycruiter's picture
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Joined: 2010-11-15

Oh, gee mr. one-pony-trick... you have credibility here you know everything that happens across the industry with your bird's eye view sitting at.... oh wait... a firm.

David, RR editor's picture
Joined: 2010-01-17

This rumor has been going around for quite some time. We often get direct access to Bob McCann himself who tells our correspondent John Byrne that, no, it's not for sale. See Byrne's most recent story on RegisteredRep.com here: http://bit.ly/q738Ay   

Mucker's picture
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Joined: 2008-10-27

David, RR editor wrote:This rumor has been going around for quite some time. We often get direct access to Bob McCann himself who tells our correspondent John Byrne that, no, it's not for sale. See Byrne's most recent story on RegisteredRep.com here: http://bit.ly/q738Ay   Yes, and we heard the same thing just weeks before AGE was snatched... And the rumor of AGE being bought was well over five years old... So, really, who knows....

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