UBS - Layoffs
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That was straight from the Hoekstra’s mouth!
To answer the previous question, if you got an upfront check, they will probably want that back, but read your contract. I'm sure their is language to that end in there somewhere.Hoekstra is a MF joke. UBS is a MF joke. They pay out the arse for FA’s (270%) in late 2008 and early 2009.
Then the MF Einstein is "surprised" revenue is down in a GD depression. dumb and dumberNo argument there. I left in Feb. Writing was on the wall even then. Much happier at my new B/D.
I have reviewed the language in the contract. There is absolutely nothing mentioned regarding a downsizing lay off situation. It is vague on the production requirements, offers additional opportunities to bonus along the way ( in this market environment, an impossibility) It states that the upfront money would be due to UBS if the FA is let go for reasons such as fraud, unauthorized trading etc. or if the FA were to leave prior to end of the contract period. But again, no mention of what is expected if the FA is let go w/o flagrant misconduct.
UBS will expect the contract amount to be paid. You will likely be able to settle for a lesser amount but you may need an attorney and then you have to do the cost benefit analysis. No one is a union employee so your contract is a contract and they have the right to collect what you have not been forgiven in the “loan”.
Would you please include some contact info? Maybe an email address or more? Thank you!
greenbacks
Have the deal dropped off alot? wfc will never pay. (im not a prospect) just curious. 9i guess your gonna lie about em anyway)[quote=unsure]Any ideas on what will happen to the “relatively” new recruits UBS brought in and paid upfront checks. Will these brokers, if impacted by the layoffs, be forced to pay back the money?[/quote]
No. Free pay day. Confirmed through valid source.
[quote=Greenbacks]
How can I find out the reps names in a branch? I looked at the UBS web site and all they show is the branch managers name. I want to call each rep in the office and make them an offer to get out before it is to late. Any suggsestions? [/quote]Psst! Shhh.. don't tell anyone. The UBS website is full of broker names... all you need to do is click "Find a US Advisorr" at the bottom of the main page. On the next page, enter a single letter in the "name" field. Pick city and state and hit search! If no one is found... pick another letter.
If Wheel of Fortune taught me anything it's... "R, S, T, L, N, E"
What does No. Free pay day mean?
They won't be impacted by layoffs or they will and they won't have to pay back the money?[quote=Greenbacks]
How can I find out the reps names in a branch? I looked at the UBS web site and all they show is the branch managers name. I want to call each rep in the office and make them an offer to get out before it is to late. Any suggsestions? [/quote]What firm are you with....depending which one they may be better off with unemployment lol
[quote=NOVA]What does No. Free pay day mean?
They won't be impacted by layoffs or they will and they won't have to pay back the money?[/quote]Yes, there will be layoffs.
No (they will not be required to pay the money back) (Looks like they got a) free pay day.
Better?
[quote=secretknowledge]Not true.
They will go after $$$ on new recruits over 2 years at UBS. [/quote]
How can they if they’re going to sh*tcan these guys? How could UBS possibly go after someone they just layed off for money that was promised to be forgiven over the length of service?