The Swiss bank’s trainees, numbering roughly 150 to serve in its fifteen largest markets, will spend four months at the brokerage’s headquarters before moving to branch offices where they will be paired up with veteran advisers.
According to a Reuters story, a steep decline in movement follows last year’s recruiting wars, likely the result of big brokers signing retention or recruitment packages. Brokerage firms have had to cast a wider net in their search for new talent. In an effort to help new employees acclimate to their positions, Wall Street has also reinstated introductory and instructive programs. The story claims USB has brought in institutional brokers, bankers, and other financial services professionals, including those with sales and business development backgrounds.
These efforts represent a significant risk and cost for the company; many recruits will leave, and those who do stay will not boost their firm’s client assets overnight, with only a few ever becoming highly productive brokers, the story said.
More information on UBS is available here.