![]() He has long preached the value of personal advice and has staunchly refused to compete on price with the wave of discounters that has shaken up the brokerage business over the last few years. Marron has never wavered in his belief that they would not. Most of those clients could save several thousand dollars a year by managing their money themselves through an account at E*Trade or Charles Schwab.īut Mr. ![]() Still, its success is a direct result of its ability to persuade wealthy investors to pay for advice on what they should do with their money. Including the charge, PaineWebber earned $127.5 million, or 82 cents a share, down from $163.5 million, or $1.02 a share, in the second quarter of 1999. Yesterday, PaineWebber announced second-quarter earnings that were down 10 percent from a year ago before a charge for expenses related to the firm's $620 million acquisition of the brokerage house J. Its momentum has slowed somewhat recently. The firm earned more than $1 billion before taxes last year, more than triple its pretax profit in 1995. ''We've created a nation of individual pension fund managers - 50 million of them,'' he said. Marron, the company's chairman and chief executive. PaineWebber has capitalized on the shift away from traditional pensions toward more reliance on individual retirement accounts, 401(k)s and the like, said Donald B. At a purchase price of $73.50 a share, UBS is paying a rich premium of 47 percent over PaineWebber's closing price on Tuesday, before the deal was announced.Īlthough some analysts said they thought UBS was paying too much, most agreed that PaineWebber's network of brokers who cater to investors with at least $500,000 in assets is a franchise that has proved far more valuable than its critics ever acknowledged through most of the last decade. Predictions of the demise of the broker ran rampant as investors flocked to the Internet, attracted by cheap trades and the ability to control their financial destinies.īut, judging by the announcement yesterday that UBS A.G., the Swiss banking giant, will pay about $12 billion to buy the PaineWebber Group, the traditional brokerage firm is not dead yet - far from it. Stocks of unprofitable upstart electronic brokers had soared while those of some Wall Street titans were sagging. The result is an inclusive workplace.A little more than a year ago, it seemed, the future of the traditional brokerage firm was suddenly in doubt. In addition, diversity training has been incorporated into the mandatory training requirements for every employee in the division. It has also instituted an internship program that recruits diverse students from local colleges and law schools for summer and year-round internships. In its first yearand- a-half, the diversity committee fostered communications within the legal division by sponsoring luncheons and building its own web page. The Legal Division’s diversity committee is mandated to increase the diversity of the division by reaching out to a diverse pool of candidates. The specific legal division’s goals are to establish diversity accountability and metrics, expand diversity training and education, increase female and minority representation at all levels, and leverage diversity as a mechanism to break down the barriers among people of diverse race, ethnicity, nationality, religion, and sexual orientation. The Firm Diversity Council’s mission is to facilitate cultural change with an emphasis on inclusion throughout the firm and to expand the firm’s presence among a diverse group of potential clients. ![]() The legal division implements its own companywide diversity efforts through the Firm Diversity Council, which is composed of 18 senior executives from various business divisions and a corporate diversity executive. Working on a corporate diversity commitment, Chief Legal Officer Theodore Levine and his senior management team have developed highly effective initiatives to incorporate diversity into the fabric of its legal division. UBS PaineWebber has set diversity as a priority.
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