This is a complete load of BS. If UBS cut all brokers under 400K they would be down to 3000 brokers.
The firm probably will get down to 5000 brokers...
The small brokers under 500K will all go to regional or independent firms with higher pay-outs or just leave the business.
The wire-houses, ML, MSSB,UBS, Wells will be...
Heads roll in Merrill’s main branch
By Bruce Kelly December 2, 2008
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