There is all manner of information swirling around the water cooler at UBS these days. Not that the phenomenon is new, rather it’s become much more pronounced after the firm launched a new comp grid that put the screws to advisors nether regions. The pain in the stomach that lingers has advisors talking and listening to what sounds like changes that are coming.
One UBS source reached out to us today and was short and sweet:
“There could be a CEO change coming up.”
That interesting quip was followed up by another source that had a little more to say:
”Yeah – that rumor is out there right now. The comp grid thing was an internal nightmare. And between you and I, Jason Chandler did what he could to pull it back and make it less painful. Read between the lines there as to a change at the top of wealth management here in the US.”
Another element that will be of interest for UBS at the moment – you can expect some departures this weekend. A few ‘of scale’.
The upshot here is that there is significant unrest amongst advisors at the firm, a year after leading the wires (on a percentage basis) in losing advisors.
Do advisors really care who the CEO of wealth management americas is? No they don’t. But they do care about their comp grid and who they perceive is fucking with it.
