Posted: Tuesday, Oct. 27, 2009
Swiss financial services firm UBS AG said today that it had named former Merrill Lynch executive Bob McCann head of its wealth management Americas unit, a long expected move that had been delayed by a legal fight with Bank of America.
McCann had been set to take over the combined wealth management unit after Bank of America acquired Merrill on Jan. 1. But the Merrill veteran instead departed soon after the deal closed, becoming one of the firm's most high-profile defections.
McCann later filed a lawsuit against the bank alleging the Charlotte bank fired him instead of accepting his resignation. The suit was settled, freeing up McCann to return to work.
At UBS, he will lead a wealth management firm that competes against Bank of America with nearly 8,000 financial advisers. Bank of America's Merrill Lynch wealth management unit has about 15,000 advisers.
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