UBS - Layoffs
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It is happening all week in a staggered format by region.
My Manager counceling out the brokers about a month ago so they could have time to make other plans. I understand it is the bottom quintile that is getting cut.
I heard that Weehawken layoffs started today
I have a feeling Los Angeles will be today. I heard someone tried to do the normal remote log in, & it said remote access wasn’t authorized. Just last night this person was logged on the mobile platform.
It will probably be the entire country at once. The nasty news is that I've heard that UBS will be messing with the U4's (either the language or slow to update) of people who are layed off so you can't land anywhere quickly. Really cheap shot. Doing the layoffs today so they can keep the fees that hit tonight AND ruining/hurting a U4? I guess all remnants of the 1st class Paine Webber firm have been lost with CEO Ozzie storming in. Welcome to your Swiss bank....Corporate’s bloodbath began yesterday in bumbling fashion: http://dealbreaker.com/2009/04/layoffs-watch-09-tears-at-ubs.php
Having never been through layoffs before, it seems like this has been way too drawn out. With the talks about this starting almost a month ago, it is amazing that this process has not been completed yet.As a UBS alumni I can tell you that playing dirty to get the assets at your expense is part of their play book. I would hope that, in these times, they wouldn’t resort to their old tricks.
At one time the person in legal who ran brokers out of the company and the industry, and i'm purposely not mentioning any names, was an absolute broker hater. Whatever this person could do to screw the broker, force them out, and ruin them, this person did with a smile. How do i know this person was a broker hater? This person attended our branch to give a talk at a compliance meeting. This person told story after story of guys they had fired and ruined. Tellingly, this person laughed and smiled as they told the stories. The room didn't laugh with this person. There was nothing funny about the stories being told. And while some of the examples given were very clear cut, most weren't. One of my friends was run out of UBS for an unauthorized trade. He was on vacation, and his registered CSA took the order. Shortly after returning from vacation the client called and wanted to know why this stock had been purchased? long story short, the client claimed my friend entered the order and even with proof that he was in Europe and didn't talk to the guy or enter the ticket the witch hunt swept him out. Ugly-ugly-ugly! It takes well paid legal representation to back them off. And they have paid huge settlements because of their actions. Still, a settlement check received years down the road does little to solve the problems of today. And even though you are right and vindicated, some will still look at you as the problem. Sorry, about the reality check about UBS. I'm not trying to scare anyone. Hopefully, this does not come to pass.Talked to my BOM. He has been gracious and has given me a heads up on as much as possible for over a month (he actually is a good guy) though he has been tight lipped lately. He told me Thursday is d-day which may mean Wed afternoon. He also said we will be comped on all biz up to termination. U-5 wll read something to the effect of “company layoffs” not lack of production. But then again he is management so what does he know. He did say he tried calling people in weehawken for some branch issues and they had already been let go. The dust should settle by Thursday morning. I have a few indie BDs I am looking at. 1 clears through RBC and Pershing and has bank expertise with little or no mark ups on ticket charges, E&O etc. but their ticket charges are a little high on MFs (you can use about 2500 no ticket charge funds though-most majors) and another with great platforms and very reasonable charges only through Pershing. I am only looking at small indie BDs. Fee only has too many limitations. Big indies are just like wires.
I am also series 8 and 24 so I am also looking to build a group-better negotiating abilities with a group. Would like other opinions on small BDs anyone is looking at or is already on board with. Recruiters welcome to PM me too.Folks… the number if $300k or less regardless of LOS at least in the Midwest and West period. Cuts happened this AM in the Midwest FA ranks. I hear CA is happening after the close today from 2 very reliable sources.
I just spoke with Weehawken and although it began yesterday afternoon, it will continue today and tomorrow. There are security guards posted on every floor, too.
Any word on the Atlantic Region?Just got word from a friend that anyone doing less than 250 t12 with a LOS over 8 years got booted, no questions asked just gone. People on support staff under 305 got the boot and FAs under 500 with a LOS over 10 have 50 days. Not sure why they got 50 days, unless they set a goal for them to achieve. That’s all the info I have as of now.
Where was your friend located?Just got word from a friend that anyone doing less than 250 t12 with a LOS over 8 years got booted, no questions asked just gone. People on support staff under 305 got the boot and FAs under 500 with a LOS over 10 have 50 days. Not sure why they got 50 days, unless they set a goal for them to achieve. That’s all the info I have as of now.
friend works for an external recruiting firm that has contacts with some important people… I never question her =)
FAs are getting walked out in California other western region states RIGHT NOW. Just had a call that absolutely confirms it’s happened/happening. I guess there are STILL some surprised fools who did not think this could happen.
Guess what… I’ll confirm I’ve also heard the next step is indeed ‘performance plan’ correction action to all < $500k. Think the wires want anyone under $500k still???
Got canned this morning about 09:15 MDT. Coupla struggling newbies sent packing, one other veteran forcibly retired last Friday. Largely handled well, maybe one annoying comment about no farewell tour, just get out now. That in response to quick conversation in surviving FA’s office. Whatever.
U-5 will say “Other” with comment “Firm strategy.” (When “Other” box is checked on the U-5, it requires a comment). That’s about the best we could have hoped for. Might leave the door open for the public dole.
Can we claim our jobs were offshored to India? Maybe I can become a sob story in the NY Times and the next Democratic Convention. Did everything right and just couldn’t make it. Darn. Giant gov’t is the answer to all of it.
Off to other job classifications for us newbies. No concerns about other B/D’s, Indies, moving over the book. We’re done. It’s been real, it’s been fun, but not real fun. Went into production just as the plunge off the cliff began. Hard to get up the newbie curve when 0% cash beat the S+P by 40% in CY2008. A guy with a checking acct was an investing genius compared to me in 2008. Raoul Weil, Bernie Madoff and UBS tax cheating $780M fine didn’t help.
Best of luck to UBS $300K-500K producers on forced death march. If you don’t make it, hopefully you’ll be marched out with your dignity intact and find a soft landing. Toodles!
Sorry to hear it. What branch were you in and which region was it?Got canned this morning about 09:15 MDT. Coupla struggling newbies sent packing, one other veteran forcibly retired last Friday. Largely handled well, maybe one annoying comment about no farewell tour, just get out now. That in response to quick conversation in surviving FA’s office. Whatever.
U-5 will say “Other” with comment “Firm strategy.” (When “Other” box is checked on the U-5, it requires a comment). That’s about the best we could have hoped for. Might leave the door open for the public dole.
Can we claim our jobs were offshored to India? Maybe I can become a sob story in the NY Times and the next Democratic Convention. Did everything right and just couldn’t make it. Darn. Giant gov’t is the answer to all of it.
Off to other job classifications for us newbies. No concerns about other B/D’s, Indies, moving over the book. We’re done. It’s been real, it’s been fun, but not real fun. Went into production just as the plunge off the cliff began. Hard to get up the newbie curve when 0% cash beat the S+P by 40% in CY2008. A guy with a checking acct was an investing genius compared to me in 2008. Raoul Weil, Bernie Madoff and UBS tax cheating $780M fine didn’t help.
Best of luck to UBS $300K-500K producers on forced death march. If you don’t make it, hopefully you’ll be marched out with your dignity intact and find a soft landing. Toodles!
Any news at all on recruits newly hired, w/ upfront bonus not meeting production requirements unde rhe “new” direction??? T12 300,00 +
Rather avoid specifics. Southwest Region under the old system. Mountain timezone.