UBS - Layoffs
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[quote=RecruitingWhiz]If anyone from UBS needs a recruiter send me a PM.[/quote]
As I was so eloquently told some time ago…
buy an ad and quit trolling the forums for leads!
"UBS announced Wednesday it had plans to ax everyone (actual figure: 8-large or so), and apparently the Swiss are really moving their asses on this one. Supposedly "hardcore" cuts will start going down today."
If it were going to happen, I would hope it would be by noon. It really looks nice outside!Here’s the latest I’ve heard:
Cuts are happening en masse next week. If you survive the cuts, the firm will expect you to the do one of following by the end of '09:
1. Have $100MM in assets under management.
2. Do $1MM in production.
If you don’t have either of the above and aren’t on track to do either of the above, you will apparently not have a place at the firm going forward. FAs will now be held “accountable” for reaching these benchmarks and management will take a far more active role in making sure levels get reached.
Clearly, once this round of cuts is complete, their plan is to slowly bleed out those advisors who aren’t fitting the new model, rather than firing them all at once. This will give them time to reassign accounts to other advisors and/or the investment center without overwhelming them with too many.
Half of the Weehawken help desks will be gone and I understand there will be a pecking order going forward for getting things done (Chairman’s Council team will clearly get preference over the NFA/middling FA).
This is certainly good news for those at the top of the food chain. For the rest of us, I think the message is loud and clear.
The latest I saw was an article in “Investment News” which described the layoffs as “there will be a minimal amount of brokers let go, but a number of managerial and support positions will be eliminated.” It also said “there was a proposal to let go a number of low producers, but that was shot down immediately.”
In any case, it's suppose to start on Monday. I wish everyone the best.[quote=georgicaclose]Here’s the latest I’ve heard:
Cuts are happening en masse next week. If you survive the cuts, the firm will expect you to the do one of following by the end of '09:
1. Have $100MM in assets under management.
2. Do $1MM in production.
If you don’t have either of the above and aren’t on track to do either of the above, you will apparently not have a place at the firm going forward. FAs will now be held “accountable” for reaching these benchmarks and management will take a far more active role in making sure levels get reached.
Clearly, once this round of cuts is complete, their plan is to slowly bleed out those advisors who aren’t fitting the new model, rather than firing them all at once. This will give them time to reassign accounts to other advisors and/or the investment center without overwhelming them with too many.
Half of the Weehawken help desks will be gone and I understand there will be a pecking order going forward for getting things done (Chairman’s Council team will clearly get preference over the NFA/middling FA).
This is certainly good news for those at the top of the food chain. For the rest of us, I think the message is loud and clear.
[/quote]
100m or you are out of a job… seems a little tough.
Why would anyone work for a company like this? Obviously they are getting out of US brokerage, sooner or later.
Yeah, it seems ridiculous – it might be more of a big market mandate (which is where I am and these types numbers are being easily hit by the majority of the established advisors in my branch) . We may not see the firm populated exclusively by these types of advisors on May 1, but it’s clearly the direction the new management wants to take.
I am just wondering what will happen to the nfa’s who are on salary + commission that did not get any advance warning.