Robert McCann, the former head of Merrill Lynch's brokerage group, plans to join UBS, either to head its wealth management unit or for a higher position, CNBC has learned.
UBS is likely to make the offer official by the end of the month.
McCann also has openly attempting to lure Merrill bankers to UBS, competing head-to-head with Bank of America's wealth management head, Sally Krawcheck.
Merrill Lynch was acquired by Bank of America last year.
Separately, talk of an outside replacement for BofA CEO Ken Lewis has been in the air recently, and Greg Fleming, former Merrill president, is a hot potential pick, sources told CNBC.