UBS to Sell Small Branches?
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If so, the rest would need to be sold in one deal. Selling 50 branches a month would cause turmoil. I’m inclined to agree with igrift, shrink and upgrade -or- JPM. If it is JPM (or someone) wouldn’t you think they’ve been identified already? Would you sell your garage to someone without making sure the guy buying your house didn’t want a car with a garage?
Someone said 3000 FAs would be gone. How many FAs would you guess produce below 300K?
Very few branches got moved… Apparently Stifel was looking for accounts, rather than assets… my father in law works at a UBS office, where he is the top guy at $850K(they had 3 $1mill+ guys leave for SB, last year or so, maybe even longer), but they are under $5Mil and so if the office 20 miles from them, but it is all HNW people($5mil+, but apparently stifle wanted more accounts.)
This seems like a no brainer at UBS.
1) recruit BIG players hard in Q4 08’ and Q1 09’. … pay huge money; pump up the P&L AND average per FA production- DONE. Deals cut back twice already in recent weeks. Rumor they may even stop recruiting in coming weeks for a time.
2) Sell off small branches to Stifel, clean up the network, DONE
3) Toss ‘retention’ or pre-emptive retention money in the form of a bonus and ask FAs to agree to draconian non-compete terms basically locking down the FA force enmasse
4) CUT the small or broken down FAs from the remaining branches- some done… some ongoing and still to happen
Sell it off US retail …or do all of this to suit a buyer standing in the wings.
Do share! I hear recruiting is going to be heavily impacted there to the negative… any validation of that?
Please elaborate.Major changes this weekend for UBS? Watch the news…
So you have no info and want to seem like you do. Great thanksIn time, the answers shall be revealed…
So you have no info and want to seem like you do. Great thanks[/quote][quote=SuperRecruiter]In time, the answers shall be revealed…
Just wait untill monday, man!
UBS is going to CUT heads enmasse and freak out the entire retail FA world, or at least those in or nearing the penalty box.
I’ve also had multiple recruiters who work with UBS tell me the money is gone! They’re done buying bodies. If you’re not in… you’re out.
<SPAN =msgSidePro id=userPro136877 title=“View Drop Down” =“showDropDown’userPro136877’, ‘proMenu136877’, 160, 0;”>SuperRecruiter are you an outside recruiter or with a firm?
[quote=badmove?]what level production?[/quote]
Don’t know and would by lying if I said I did. BUT… I have talked to 3 separate guys I used to work with at UBS today, all of whom are BIG producers who are saying they’ve been offered what sounds like a pre-emptive retention deal and contract they need to sign.
I called a guy I know there at UBS doing $315k after 11 years who has heard nothing of any deal or bonus, contract or anything of the sort.
Can anyone at UBS validate this?
What a difference a few days makes. When I talked to you on the phone I was very disappointed in HL pulling are deal and skeptical about SF’s deal. Now that I have had a real chance to go over the SF pacakage it is actually equivalent to the HL offer on a net basis, just structured differently. After research and review of the market opportunities I have come to the conclusion we are getting a very good deal with SF with out the hassle of moving. The SF regional guy was in today and said that in fact there were UBS offices not on the list to be sold that would like to be. UBS said absolutely not. I get the feeling there is going to be another culling process either voluntary or forced soon.
I think your posts are on the right line from my perspective.Lot's of private meetings but I don't know what's being said.[quote=badmove?]what level production?[/quote]
Can anyone at UBS validate this?
I think based on some of the little information I have heard is that there are going to be big cuts in support staff and FA’s who are 3rd quintile or less depending on LOS and market area. Those in the NFA program I am sure will be cut too based on who knows what but given what is coming down the pike, I think I might be lucky that my office was sold.
I have heard about this quasi-retention bonus coming but I don't know the parameters or payout. I think that with the enaction of this retention, that it is going to lock FA's in and set the whole thing up to be sold.....that is pure speculation on my part. WM America's for UBS is a tiny piece of the whole UBS operation so maybe they will dump it...