Remember “cooties’ from sleep away camp? According to John Carney of CNBC.com, if Wells Fargo is going to acquire the wealth management business of UBS it is going to face at least one big challenge: assuaging the fears of the brokers that they’ll catch them. Rumors have surfaced in press reports that UBS is considering selling the division, which was previously known as PaineWebber. Wells Fargo has been cited as a potential buyer. UBS has said stories of an imminent sale are wrong.
"We believe UBS CEO [Oswald] Grubel would be a seller at the right price, while the recent Wells Fargo buy-back announcement implies that they have the resources to pursue a deal should they wish,” Keefe, Bruyette & Woods analyst Matthew Clark said in a research note Monday.
A large number of the brokers seem to disapprove.“Wells Fargo is a terrible brand. When I think of them, I think of credit cards being handed to college kids drunk in Cancun,” one financial adviser said....
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http://www.cnbc.com/id/43076459
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