If you look at other financial institutions, wealth management is about 15% to 20% of revenues and a business line they have to be in rather than one of focus.”
The firm’s commitment to being global and remaining so was evident after the US tax-evasion scandal. McCann, who had been president of Merrill Lynch’s global wealth management business, was brought in to save the US franchise and given carte blanche to do whatever it required by UBS’s chief executive at the time, Oswald Grübel.
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