UBS - Layoffs
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[quote=betsyross] SecretKnowledge:
[ it’s going to be a little rough. I’m not sure UBS has made up it’s mind about what type of organization/business model it really wants to have.
[[/quote]
UBS has NEVER known what type of organization it wants to be. I left in July to the NEW thundering herd MS/SB. This place is night and day to “You’ve Been Screwed”. John Mack knows EXACTLY what he wants firm to become. John Mack had the stones to STEAL SB at the bottom. UBS has more bullshti to KEEP an FA from doing more business then any firm in history. They have more layers of crap and always end up at the bottom of the heap in everything they do. What a joke. These jerks at UBS are now cutting back as the market turns around. All they will do is charge more fees and give you less service. They are not capable of anything else. Anyone who stays, your best hope is the idiot tax cheat Swiss sell you
Could anyone who is employed at UBS let me know what happens this week…
Thank You…
BOMs had a 2:30 call friday to get all info. Don’t know the details. We will know soon
Not sure I want to go the office yet, I have a call in to and FA. I have 4 weeks vacation, I may take them now.
What if we’re all wrong. UBS announces a huge profit, ups the payout, no one loses their job. I’m totally puzzled.
Then the monkeys that flew out of my butt will form a chorus line and sing a happy song…
When do quarterly fees hit? The 23rd? Maybe they are waiting until the day before and then canning everybody so they milk as much out of everybody as possible without the payout.
When do quarterly fees hit? The 23rd? Maybe they are waiting until the day before and then canning everybody so they milk as much out of everybody as possible without the payout.
good call. would be typical
Nothing happening in my branch today. Heard some people were laid off in Weehawken. Not confirmed though.
Hearing it’s going down Wednesday, books handed out Thursday. Supposedly as many as 1000 FAs will be swept out, those who don’t get cut but remain in the lower tiers will go onto production plans and then handled one at a time down the road.
Supposedly NO severance pay to FAs. Term reason will be lack of production which under ‘at will’ work arrangements means you get nothing if terminated.
Wednesday is the latest of all rumors I've heard so far...obviously last Friday and today were incorrect.
I cannot speak for everyone, but me and 3 of my peers were in fact pulled aside just after the close today by our BM. In a ‘hey buddy’ sort of way, we were told we were all going to be let go and he suggested we take some time to go get ‘ourselves set’. I wish I could say I was shocked, but it just confirmed what I thought might be coming.
The four of us were: LOS 12, 18, 5 and 2. He said 'because our production as of 3/31 was < $300k was the reason. None of us are on a team. Not sure about that. This may vary depending on the market, but suffice it to say I’m in the Midwest, big city.
2 of the guys were freaking out. One has said for weeks that this is all overblown and they’d never cut him. He was doing north of $500k when I joined the firm.
We asked about severance, etc… he told us we would have to wait to hear the formalities but this was just because he did not want us to be caught by surprise.
I have been hooked up with a couple of options… my only concern now is getting the ‘talking’ that I’ve been doing turned into a real offer right now! I’m afraid of a bunch of people hitting the market at the same time and it turning into a total cluster on me.
Wire- This is exactly the feedback everyone needs to hear. Thanks for your contribution. FYI, from moneyline, select an account, get the legal info. Then select the household tab and it pulls up all accounts in the HH. This is the quickest way to pull all the info together. You can do 10 HH per hour.
Don't take anything you're not allowed to take. It won't make a difference. 85% of it happens in the phone call. You'll do great!Wireboy, that’s brutal. Very sorry to hear that. I think a lot of us are going to be in the same boat. All I can say is that I hope each and every one of us can land on our feet.
Not sure about you guys, but for me this much is certain. If this sh*t show goes down as predicted, I can assure you that for the duration of my career, I will make it my personal mission to poach as many clients from this god forsaken firm as humanly possible. I encourage all of you to do likewise.
[quote=Wireboy]I cannot speak for everyone, but me and 3 of my peers were in fact pulled aside just after the close today by our BM. In a ‘hey buddy’ sort of way, we were told we were all going to be let go and he suggested we take some time to go get ‘ourselves set’. I wish I could say I was shocked, but it just confirmed what I thought might be coming.
The four of us were: LOS 12, 18, 5 and 2. He said 'because our production as of 3/31 was < $300k was the reason. None of us are on a team. Not sure about that. This may vary depending on the market, but suffice it to say I’m in the Midwest, big city.
2 of the guys were freaking out. One has said for weeks that this is all overblown and they’d never cut him. He was doing north of $500k when I joined the firm.
We asked about severance, etc… he told us we would have to wait to hear the formalities but this was just because he did not want us to be caught by surprise.
I have been hooked up with a couple of options… my only concern now is getting the ‘talking’ that I’ve been doing turned into a real offer right now! I’m afraid of a bunch of people hitting the market at the same time and it turning into a total cluster on me.
[/quote]
Sounds like you at least have had a plan in place. In my experience, I think you may be right. There will be a lot of surprised people who never thought this would hit them. Getting a good situation is a lot easier to do while you’re still at the firm. Those who go negotiating after termination is done are in for a tough time. Clients don’t follow brokers very well days and weeks after the fact and firms are’nt stupid, they know that too.
It was crazy quiet in our office today. I’m starting to get really annoyed! Just lay it on the line and let’s get on with it - one way or the other. Get ready to smile and dial Wire boy, best of luck to you!! Nice that your BOM gave a warning, my bom doesn’t even look at me!
Wire,
Thanks for the info, and good job getting your ducks in a row preparing for this. Your branch manager deserves a huge thank-you for giving you the heads-up early. Especially since his job (and several layers of management above) may be at risk as well over the next few months and years. It sounds like he cares about you and is trying to help in the only way he can. Let me ask you this-- Did your manager say that they would actively go after your clients or will they just leave them alone for awhile. For your sake, I hope it's the latter. Also, were any of you on an EFL? If so, will they make you pay it back? Good luck to you, and may you take every client with you. LA