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 management honcho Marten Hoekstra, who has been rumored to be on his way out for several weeks?