UBS to Sell Small Branches?
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Does anybody know if SF is offering a retention pacakage when they buy a branch?
Rumors come home to roost, for good and/or bad. SF deal is less than wonderful; However, unemployment is less desireable. Time will tell whether their deal is worth accepting.
My God, Sherman McCoy! Where have you been? Good to hear from you! Still drinking as much as you used to?
I beleive there will be retention…look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.
Welcome to the family guys!
I was just marinating some ice cubes with some Friends of Fermentation. Isn’t that what is done at UBS? No offense to Art Cashin, who’s the best I’ve known at UBS!
Art is fantastic. I had the chance to meet him at an event in Philly a few weeks ago, what a fantastic guy. I got there early and decided I might as well have a drink at the bar, I look over and there he was. I went over to introduce myself and struck up a great conversation. I will be missing his comments as my branch was dumped. As far as retention, I do not know numbers but I believe there will be. We had an improvised conference call with our manager who was at the meeting in Chicago. He said that he had the parameters for retention. We were told that all contracts will be honored which was my concern as I am in the NFA. I want to see more about Stifel and their capabilties before I say if this is a good deal or not. Yes there is a better payout and supposedly no more nickle and diming clients which I like.I was just marinating some ice cubes with some Friends of Fermentation. Isn’t that what is done at UBS? No offense to Art Cashin, who’s the best I’ve known at UBS!
Any others from UBS included in this sale?
What has been the reaction? Your thoughts?oh good - now we can start another 400 page thread on whether or not their will be retention. Just like the Wachovia thread.
If there is retention, i doubt it will be a big number. Stifel doesnt pay what the wires do for recruits. And look at what SB and BAC/ML paid in retention for a 500k producer.
This new event reinforces my opinion that independent is the only way to have any control of your own destiny. And that the wires are all going for BIG. They dont want small offices and they dont want small producers.
If you guys read the powerpoint, money is set aside for retention…will it be huge…no Stifel doesn’t pay the most $$ on the street for recruits nor will they for retention… but I would expect everyone to get something…SF loves the 200-500 a year guy…they are profitable for us, where the wire’s can’t make it work.
My Branch is affected. Major headcount reduction prior to sale. 3 CSAs and all NFADs gone by end of week. I’m handing in my resignation tomorrow.
[quote=NFA1972]My Branch is affected. Major headcount reduction prior to sale. 3 CSAs and all NFADs gone by end of week. I’m handing in my resignation tomorrow.[/quote]
Seriously?
Wow you guys are crazy…
Been thinking of leaving for a while. This solidified it. I will formally accept one of three pending offers tomorrow as UBS is filing my U-5.
[quote=NFA1972]Been thinking of leaving for a while. This solidified it. I will formally accept one of three pending offers tomorrow as UBS is filing my U-5.
[/quote] Good luck..I was just wondering if the issue was UBS and you were leaving I would think this may make you want to stay...good luck with your move i assume it is to another wire?UBS is a lot different than it used to be. It was just time to get off the rollercoaster.
I am going to a strong regional firm.
Thanks for the well wishes.
So I assume your branch was not one of the ones's acquired then?UBS is a lot different than it used to be. It was just time to get off the rollercoaster.
I am going to a strong regional firm.
Thanks for the well wishes.
No. It was not. It will likely be consolidated with a nearby metro office, and a LOT of lower producing brokers will be laid off before summer. The “new” metro office will be Rockstars only.
In the immortal words of the great American poets "Kriss Kross" JUMP JUMP!!!!LMAO.... do you think for 1 second that given what has happened at Wachovia and AIG that there will be any retention paid to anyone right now??? AINT happening. Heck on Sunday I heard Barney Frank and another congressmen talking about going after Merrill Lynch brokers and what they were bonused..... them days is over boysI heard that too. I wonder what, if any, retention packagage the FAs will get. I can’t imagine it would be much of anything. 50% or less?
LMAO your high if you think there is going to be retention. That or you havent been paying attention to the political landscape. Now the adminstration is considering caping compensation for exec's at ALL financial firms weither they took TARP money or not. If you havent figured it out, this administration is hel* bent on infusing as much socialism as they can before the average joe figures out he is getting royally screwed. Absolutely, no way, no how will you get retention. Well, you may get it but congress will pull an AIG and tax it at 90%I beleive there will be retention…look at the slideshow posted, and I also listened to the SF call, sounds like retention is part of the deal.
Welcome to the family guys!
Does anyone know where one can find a list of which specific branches are being sold?
shmer,k
There is a list a few pages back, on the Stifel presentation slides. Page 7.
Just got off the Marten/Jamie conference call. If you were not told this mornign that your branch was sold,k then it WASN'T.
However "more headcount reduction is coming".
Marten sounded even more squirmy than usual.
That guy gets all the sh*t duty. Feel sorry for him in a maschochistic sort of way.