UBS - Layoffs
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[quote=NOVA][quote=Bodie]
I just received an Outlook meeting invitation from my Branch Manager titled "Bloodbath". Should I accept?
[/quote] That is the funniest post I've ever read. (i hope it weas meant to be funny)[/quote] :) I was joking. Most of us know whether or not we will be cut, so I guess at this point, all I can do is grin and bear it. Nothing in the Atlantic region yet. Hope everybody is well! FWIW, had I actually received such an invite, I would have selected "Propose another time".Does anyone know if cuts have hit or happened in the NorthEast or Mid-Atlantic areas yet? CA was brutal yesterday I hear. Bev. Hills office got hammered was the word.
They are going to start the east coast this afternoon and tom. No word on the NFA training program has be canned or not.
Why you figure they beat up the West first and waited to beat up the East last? Weird. You’d think the UBS offices down the street from Weehawken might have FAs who are neighbors of the home office folk. Word might get around.
I can see it now. Guy in a North Jersey UBS office has four guys in his office canned, and says, "Layoffs? Didn’t hear about any layoffs."
Beverly Hills got hammered? I thought the guys in that office all had clients over $25M and returns over 15% every year including 2008.
(Last sentence was intended to be sarcastic.)
Cali FAs were funny. I remember in my NFA class when we were doing the cold calling lab there was this one joker that sounded super intense and kept referring to himself in the 3rd person. Dunno if it worked out for him or not, but it was definitely LOL funny to listen to him.
Yea because it looks like the Fun will be here tom. You can have a hang over and then go home after the firing and rest
Layoffs in our branch are going down tomorrow. Trainees not on teams are done. Good times.
Went down today in our branch in the NE. For the record I am in the NFA program and was not let go and I do not have a trailing 12 north of 250m so there was some intelligence involved in the decision. Additionally, I am not on a team. Yeah it sucks for my effected collegues but it is not the carnage (line in the sand for ANYONE producing less than 300m) that the event was rumored to be in this forum.
You were cut if LOS is >10 and your T12 is less than $300k, or your LOS is 5-10 and your T12 is less than $250k. NFA's I believe were done on a case-by-case basis.
All NFAs in my old branch were cut, plus two support staff, and two FAs with LOS <5 and production somewhere south of 300K. Rumor is that more cuts are coming. All FAs on edge (except the corner office guys.)
Glad to be out of there. RJ is awesome.[quote=campyhub]If your BOM asks you to have a beer after work, should you accept?[/quote]
Yes. Did you really need to ask?
Have you heard how those in deals were handled? Wondering how long people on deals were given leeway (1st year, 2nd year etc).??Congrats to you! What was the deal on those that were let go?