- 'Black Swan' Shuns Public Life Because of Bernanke
- Look Ahead: Markets Count Down to US Jobs Report
- FHA to Toughen Mortgage Rules in Lenders Crackdown
- Obama to Send More Troops; Seeks Afghanistan Exit
- GM Removes CEO Henderson; Whitacre Is Interim Chief
- UK Economy Turned, Inflation to Spike: BoE Economist
- Who Were the Biggest Winners And Losers This Year?
- GE, Comcast Complete Deal Over NBC Universal: Source
- Case Closed but Woods Scrutiny Continues
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
MOST SHARED
- Keeping America Great
- Cisco Has 84% of Tandberg, Won't Extend Bid
- Kohlberg Kravis Bidding for Morgan Stanley's CICC Stake
- Case Closed but Woods Scrutiny Continues
- UK Economy Turned, Inflation to Spike: BoE Economist
- Australia Regulator Opposes Caltex-Exxon Deal
- Hyundai's US Auto Sales Jump 46% in November
- Toyota Takes Lead Position in Canada in November
Text Size 
On-Air Editor
Robert McCann, the former head of Merrill Lynch's brokerage unit, was named the head of UBS's private client group.
 |
Sharon Lorimer |
McCann has been telling associates that the job is his and that he is looking to woo brokers from his old firm to UBS, these people say. His appointment is expected to ignite a war over talent between McCann and Sallie Krawcheck, who heads the Merrill brokerage department, now part of Bank of America.
"Under Bob's leadership, I believe that the business will now consolidate its position as the firm of choice for those clients seeking a fully integrated offering of diverse products and tailored advisory services," said Oswald Gruebel, Chief Executive of UBS Group.
McCann's appointment ends weeks of speculation over who would run the brokerage department of UBS, once known as PaineWebber.
The UBS brokerage group has been among the worst performing brokerage businesses on Wall Street. Senior management at UBS including CEO Oswald Gruebel is banking that McCann can reverse the slide.
UBS Wealth Management Americas saw net new money outflows of 5.8 billion Swiss francs ($5.77 billion) in the second quarter, compared with the first-quarter's net new money inflows of 16.2 billion francs.
The bank has been hurt by a tax row with the U.S. government, which was settled in August. It has also been hit by executive departures, bad bets on auction rate securities and write-downs, and other regulatory setbacks.
— Reuters contributed to this report
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- What may make this decade stand out are the extremes. After one of the worst global recessions ever, we take a look back.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?
Data is a real-time snapshot *Data is delayed at least 15 minutes