UBS wants to sell but there aren't any bids
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ABOM.... You're seriously kidding yourself by feeling o.k., they will treat you good for awhile but if your book building doesn't get you over the line in the sand BYE BYE. I was in your shoes and got axed after 1 year of rebuilding my book. The Swiss really don't care what you did for the firm yesterday..its nothing but bottom line baby. FInd a new firm or another line of work dude.
My understanding as as follows:
1. UBS is going to go to complexing. The complex manager will be located in a branch that they will call the home office. He will have an assistant manager.
2. All of the deputy managers will be gone as of the end of August. The position went away, replaced by assistant manager title.
3. This will all cause some replacement of existing managers.
4. Some of the branch managers are going to now be producing branch managers. They have not been told what the cut off is yet.
5. Layoff of support staff will be coming in August. They are rrealining to 1 CSA per $1,200,000.
6. They will be hubbing operations in markets with multiple branches.
7. I also heard that they will be laying off a small number of trainees (150-250).
8. Speculation on tax case is that it gets postponed to late September, after tax amnesty deal from the government ends.
9. A lot of frustation in both field and Weehawken about the reorg. Everyone wants this finished. It has taken much to long.
I think that August to Labor Day will be interesting for UBS with regard to broker retention.
Revenue at UBS like most places has fallen like a rock in the last 12 months. My sense is that they have still not cut enough costs out of the structure and they will still have another cut at the end of the year if revenue does not pick up.
The recruiting calls are pouring in. I am getting 2-3 calls a day.
[quote=UBScrewed]
ABOM.... You're seriously kidding yourself by feeling o.k., they will treat you good for awhile but if your book building doesn't get you over the line in the sand BYE BYE. I was in your shoes and got axed after 1 year of rebuilding my book. The Swiss really don't care what you did for the firm yesterday..its nothing but bottom line baby. FInd a new firm or another line of work dude.
[/quote] UBScrewed, you're assuming ABOM cannot rebuild his book in a timely manner before being axed. In this environment, with the skills a BOM has, clients are easy pickins. ABOM should certainly feel a sense of urgency to rebuild his book, but the rest of your point is just self-defeatist. And none of us got to where we are with that kind of thinking. This is a bit off the topic, but I found this quite interesting: July 22, 2009 --WALL Street watchers noticed last week when former Merrill Lynch CEO David Komansky was spotted breakfasting at the Regency with Bob McCann, the firm's former Global Wealth Management group head, billionaire venture capitalist Kenneth Langone, and municipal bond expert Alexandra Lebenthal. "They were either discussing setting up a new investment bank, or making a bid to take over an existing one and spin it off," one insider says. McCann is on the short list to take over UBS's Wealth Management division, which is in hot water with US tax authorities for allegedly helping clients hide $15 billion of untaxed money. "McCann might be looking to buy it away from UBS and bring it back as PaineWebber," says our source. "If so, he'd need big hitters like Komansky and Langone." McCann could not be reached.
Here is the link to the above: http://www.nypost.com/seven/07222009/gossip/pagesix/eyes_on_wall_st__powwow_180676.htm It may not mean anything, but it certainly is eyebrow raising and makes one think of the possibilities. LAcall from Jamie Price?
is that the same clueless tool from PRU? Makes sense he is at UBS. Complexing, ultra-uber net worth gazillionaires, blah, blah. That joke of a firm using so many studid buzz words to try to hide the fact the just plain suck at everything. WTF is a Weehawkeing? That is where the firm is loctaed? That make sense too. ubs/price/NJ swamp Were they not looking for a new CEO publically a month or so ago? While the currect ceo is working? Thats brilliant. I bet everyone said no. maybe stan o neil or jimmy cayne ar eavailable. complexing? give me a f&^%$ break. I think i heard goldman was considering complexing there uber net worth clients into wee-be-hoking.[quote=A b]call from Jamie Price?
is that the same clueless tool from PRU? Makes sense he is at UBS. Complexing, ultra-uber net worth gazillionaires, blah, blah. That joke of a firm using so many studid buzz words to try to hide the fact the just plain suck at everything. WTF is a Weehawkeing? That is where the firm is loctaed? That make sense too. ubs/price/NJ swamp Were they not looking for a new CEO publically a month or so ago? While the currect ceo is working? Thats brilliant. I bet everyone said no. maybe stan o neil or jimmy cayne ar eavailable. complexing? give me a f&^%$ break. I think i heard goldman was considering complexing there uber net worth clients into wee-be-hoking. [/quote] Is there one coherent thought in this post? Add some value here or get lost! LATo all who may care,
I agree with LA...we should keep a certain level of professionalism, despite our frustrations with the industry and UBS. Here are some additional things to be aware of: It is obvious that UBS is complexing...not new news. No one should be surprised. However, the manner in which they are executing the strategy is "bush league" at best. I doubt they have given much consideration to the details and the problems that will arise beginning in August. For example, in California and other states (not sure how many) brokerage firms are required to pay average daily production to producing BOM's if they are out of the office on company business (arbitrations, company meetings, etc.). Also, the support staff in every office is subject to the coming RIF. If you have recruited FA's recently, you better make sure they have had a good transition of their business. If not, they will probably use forward annualized numbers to calculate your office's support needs. Most offices will have to beg and plead not to let some support staff go. They are concerned with meeting a headcount reduction, not with the efficiencies of a particular business in a specific market. Also, a FACT that will not be profitable for ANY BOM, whether producing or not: You will not rec'v any of your bonus from last yr. that was deferred into 2010,2011,2012. Why, the firm had to raise capital in a shelf offering several weeks ago. That action renders the bonus GONE for 2010...never to be paid...Poof! Also, any BOM's at UBS will get the formulaic portion of their bonus if your contribution margin 2 is good enough, and you are lucky enough to meet some of your SOA's. However, it will be reduced by the maximun 25% on the subjective side...some may even have to write a check to UBS to stay employed. On average, the BOM's at UBS will make 30-50% less this yr. than they did last yr. with some exceptions of course. When complexing is complete, their payroll will be reduced significantly because there will be no one left to pay. If you think otherwise, please refer to their past behavior. On average, a producing BOM can make up the lost income stream at approx. 225-250M in production at 37% grid, depending on the size of your branch. This is not an opinion. Prepare accordingly.LA - there has been other similar stuff out there as well. I still stick to my original point - UBS is not profitable. In today’s day of capital preservation, they are not an easily digestible target for acquisition. I have no idea how many of the FA population is on a deal, but it has to be considerable.
8:00 PM Sunday conference call? What’s up with that, soup?
beans think you have some excellent points, u must be a bm as well. Im hearing branches under 12mill will have producing boms and they will go away from any bonus to existing boms but pay them a higher salary and give them some time to build the book.
salary # im hearing is 2% of revenue up to 5 mil then 1.75 anything after that. if thats the case its not a bad salary if also given time / resources to build a book back up. im going in tomorrow to work on a biz plan. My 30+ fa’s will need to do without me for a while.
ps- screwed i built a pretty good book when i was in my 20’s and didnt know crap about this industry, in my 30s with a cfp now so not too worried.
ps- screwed i built a pretty good book when i was in my 20’s and didnt know crap about this industry, in my 30s with a cfp now so not too worried.
sorry just trying to give some friendly(or unfriendly to some) advice. The firm is headed down a dark alley and everyone knows it.
Anybody know whats the Sunday meeting was all about?
Also why is Martin Hoekstra coming to California branches in a couple weeks? That sounds really strange that he is just coming to a couple branches. Any thoughts?Why would anyone buy U Been Screwed?
Management is inept and unhappy. Brokers are unhappy, because they know that the firm has no future. Yes Marten, WM US assets are up. But only because your minions lured in unsuspecting saps by bribing them with 260% bonus money. Wait... Did we lure them in....or do they know what they are doing....selling their souls to the devil for cash in their own pockets?[quote=BeenThere]Why would anyone buy U Been Screwed?
Management is inept and unhappy. Brokers are unhappy, because they know that the firm has no future. Yes Marten, WM US assets are up. But only because your minions lured in unsuspecting saps by bribing them with 260% bonus money. Wait... Did we lure them in....or do they know what they are doing....selling their souls to the devil for cash in their own pockets? [/quote] yep such tools. always wrong. always on other side of Goldmans trades. mired in bs details and always miss big picture screw ups. they play this self righteous bs and they the biggest F'ing sl$ts of all. The best is when dumb and dumber make up new buzz words to justify how much they suck. We will segment and target the UHNW and super duper uhnw to furthur define our position within this important space. the investment arena is evry changing and we are........b%$# me STFU losers