Bloomberg is reporting that Bob McCann, the former head of Merrill Lynch’s brokerage unit, is nearing a deal with his old employer that will allow him to take a job running UBS’s wealth management unit. Yes, this rumor has been going on for some weeks now. McCann was a much beloved Merrill man, though some Merrill reps we know were not enthused that he bluntly told them that he was not a broker advocate but, instead, was working for shareholders. (That’s a big reason they think they’re going to like Sallie Krawcheck: She was known as being a “broker’s advocate” at Smith Barney, which caused her trouble at Citi.) Bloomberg says he is working out a deal with his old employer that will allow him to take the job. McCann quit immediately after the BoA deal took effect. He apparently didn't see eye-to-eye with Thain.
What's to become of current UBS wealth managment honcho Marten Hoekstra, who has been rumored to be on his way out for several weeks. UBS had no comment.
What is the significance? One financial advisory firm executive put it this way: "I am not sure what the significance is. . . . You have to wonder if this is just a reshuffling of the execs. I mean UBS is hiring from Merrill who is hiring from Citi who is hiring from Wachovia who is hiring from UBS."