Major Announcment at UBS by month end?
35 RepliesJump to last post
I would bank more on chase than GS....Dimon is an animal and loves to pick up companies(but he is very good at it) I wouldn't be surprised if he added UBS... He helped create CITI in its "hey day" and all he is missing from chase is wealth management(yeah Bear Stearns, but that is so selective).
I've heard many claims from brokerage firm management and high producing brokers that "Goldman is seriously looking at acquiring us." This is wishful thinking.
The reality is that adding thousands of retail brokers to the goldman brand would certainly tarnish it. Part of the cachet of Goldman's PCS is that they're small. Part of why cold calling is fairly easy at GS (I assume) is that they haven't been called 10x this week by other Goldman brokers. This would affect the investment banking and institutional sales forces as well. Part of the reason why Salomon Smith Barney separated the institutional and retail brands back in the early 2000s was because it was screwing with ibankers and isales' ability to cold call into firms and was causing confusion among CEOs who thought a member of the institutional side was calling.
Chase seems like a decent candidate, as they don't have a significant retail brokerage presence in many markets that UBS WMUSA does and the brand switch to Chase would probably work. I could believe that "Chase and Goldman were talking to UBS" about Chase being the acquirer and Goldman handling the deal.
[quote=squash2]
Bear Stearns, but that is so selective.
[/quote]
It's interesting how Bear operated differently in different markets - out here they were where guys who failed out of the wires went - crappy offices, tiny books, high ROAs and not much true wealth management.
Bear handled alot of family money here in the new york area. For alot of influential jews. I was able to nab a few of those former bear clients.
RBC is still expanding in the U.S., buying brokerage firms. I don't think it's much of a fit but it could happen. RBC could defiantely write the check.
As for a pay increase coming from UBS? Really? When has UBS ever done that in the past?
GS? seriously guys. Goldman is not interested in 400k or 500k avg producers, and the avg clients size are 10x what UBS would bring. Unless they are going to cut 80% of the producers. I do think Ameriprise expanding or even LPL has been rumored for expanding or acquiring.
The average is brought down because of the number of non-producing AFAs servicing (and attempting to add to) the P2's book. Two 1mm P2s in my town of 400k peeps, both goof off while the AFAs work the book. At least where I am at.
Only time will tell Aero. Amp is coming around though. All the changes they are putting in place are for something. Surely they didn't pump money into Columbia, Seligman, TNeedle, HRBlock etc etc just for little ol <150k guys?
If not this then something somewhere by end of summer...
Rumore around midwest say, lots of UBS guys looking to leave, especially at branches that were on the chopping block, and go to MSSB(not sure that walking out of one crap storm and into another is the best idea) but offering 200% t-12 will help a lot of them make their mind up( producer i talked to is in the $700K range)..
[quote=mnymker]
heard last night from a manager that said 1500 cut in the 48 hours.
[/quote]Is that 1500 cut in the NEXT 48hrs?
[quote=IndianaJones]
ABOM, were are you? We haven't heard from you in a long time.
[/quote]
Only big announcement will be in line with shareholder meetings in April, which will be nothing other than "we are comitted to wealth management, not for sale, etc..." its bob mccanns turn they will give him some time.
unless the big announcement is about layoffs at home office, 250 let go this week (lots of upper management) Bobs said to many chiefs not enough indians
As for me Im loving being a producing manager, P&L's coming back nice and i have a great pipeline from seminars over last few months. forgot how much fun this biz is when you can bring in new clients and really help them.