UBS/WS joint venture was hours for being a done deal.    
It was to be structured like PRU/WS with WFC a non-active owner (49%).   
DL was in Frisco at least 3 times and JFK (Wehawken, NJ ubs) twice.
The retention was going to be big. the idea being (DL pushed it) that FA’s have had basically 2 moves and AGE have been shafted.    The deal to UBS peaked at about 270%. the 1mm and above guys were to get 150-175 in ubs/ws combo. some was to be back end. This was cash.    these was some additional talk of restricted shares also. these was talk of making the AGE deal larger (legal issues). everyone would get paid down to 275 t12 (2008). 1mm-500m 80-100%.
WS would be the lead.   DL and St Louis would be home base.
NJ/Zurich would go away. UBS would give up on USA.   The Swiss govt was pressuring ubs to get back to basics.
A single reporter connected the dots and blew the deal open last week. UBS freaked out and backed off.   later saying “we have changed our minds and are committed to USA”. DL would be kind again.   no banks would be invovled and it would look more like an AG Edwards or the like.
WFC DOES NOT want the away from the bank brokerage. They want the in house bank FA’s (ISG, WFC advisors). This is where they beleive “cross selling” really happens. (read their info-they say it.)
They did not and do not understand or want to pay any up front to brokers. DL has been relentless in pushing for a retention.   The UBS/WS combo would have been a home run.
WS now is unwanted by the parent company.    It will be interesting to see how this develops.   all WFC wanted was out.
What happens now with a retention is anyones guess. I cant believe (and I do not know anything after deal blew up. my source was not there) WFC will be handing out big bucks. who knows.
All of this is legit

CDO, maybe YOU wanted the UBS deal to work!  I don't know anyone that wanted it to work!

22-24k brokers, with the same Romper room staffing in St. Louis, no thanks!  Imagine what a CF call HQ would be then. 

shredder.

CDO.  What do you expect?  WS FA’s have said there has been ZERO communication from WFC… no CC, letter, email, memo?!  No name for the brokerage, no retention, reports of talks with UBS.  Not exactly showing much love to the WS folks are they?

Retention will be out next week.  WFC will sell us when things get better and they can get more money.  They are going to have to keep the brokers happy until then.

Retention will be out next week.  WFC will sell us when things get better and they can get more money.  They are going to have to keep the brokers happy until then.

What are the odds that Goldman buys WS/Finet and WFC keeps ISG? GS has to make up for lost ground and one of the ways is to grab a retail operation on the cheap. If WFC really does just want ISG, they will sell the brokerage now no matter the price, they got the banking operations for nada anyways.

[quote=gauge26]Retention will be out next week.  WFC will sell us when things get better and they can get more money.  They are going to have to keep the brokers happy until then.

Jaymac is correct on UBS/WS scenario except for retention. Retention had not even been discussed yet

[quote=Go_Long][quote=gauge26]Retention will be out next week.  WFC will sell us when things get better and they can get more money.  They are going to have to keep the brokers happy until then.

Just give us to Ben Edwards and Sons with no bonus and my rear end will be there. Oh how I miss the “family” and client first.

What is the name of Tad’s firm?

Benjamin F. Edwards & Co
www.Benjaminfedwards.com

 Why do you guys think that the UBS joint merger is off the table? If UBS says that they are not interested then why can’t that statement from them be a way for them to strategically position themselves where they want to be in the negotiations? 

They are both not desperate to do a deal and therefore not in a position where they should take bottom dollar.

It may be off the table publicly but there is no way they would totally walk away because some reporter was able to figure it out. Guys (and gals), my team cam from UBS to Finet. Unless things have changed dramatically, you don’t want this to happen. UBS ruined the soul that was PaineWebber. Similar to what WS has done to AGE. If it does happen, prepare yourselves to be hounded to sell the latest structured product of the week. The ONLY positive aspect IMO would be possibility of further retention. Wouldn’t sell my soul though.

Hoekstra declined to comment on recent speculation that UBS might consider a tie-up with an American player or an outright sale of its U.S. business, but added:

straight talk

good point

your right

There is no pressure to do one product versus the other at UBS. They are open architecture and therefore have SP’s from not only UBS but others as well (like JPM, etc.) Increasingly there is pressure to produce, but what firm doesn’t do that?



Straight - it doesn’t make sense that UBS would be buying anyone. They are not in the mood to spend money. They need to show profit quickly and settle the mess they are in with DOJ. The Tuesday call - that’s the 10th and it is the day UBS is releasing earnings.



The only thing that made sense in my mind was a JV with UBS and the folks Wells can’t or won’t handle. I would have guessed it would have been UBS driving, just my guess though.

I understand the situation with UBS, but the new admin. is obviously pleased with them in some way…maybe because UBS is going to get bigger in the USA???