The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Wealth

Private banking: McCann lays out his plans for UBS in America

Business could win from others’ vulnerability; Reputational damage will be tough to repair

Bob McCann, UBS

"I don’t hear a lot of companies talking about clients these days. [That weakness] makes them vulnerable, and we at UBS can exploit that over time"

Bob McCann, UBS

Bob McCann, a legend in US wealth management for his 27-year stint at Merrill Lynch, finally laid out his eagerly awaited strategy to rebuild UBS Wealth Management in the Americas last month.

"I’ve worked hard to be here," he told the bank’s investors. "I’m sure you are aware from the media that I had to sue the largest bank in America to come here. I wanted to be part of the turnaround." McCann was referring to his lawsuit with former employer Bank of America Merrill Lynch regarding discrepancies over the length of his non-compete agreement.

His arrival is certainly a welcome relief for the beleaguered financial advisers at UBS Wealth Management in New York. One describes the US business as having spent the past year like "a ship lost at sea". He says: "There has been no direction. We haven’t been informed of what is happening.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree