Bob McCann went on Bloomberg TV for his first interview following his ascendancy to the top of UBS’s US wealth management operations. It was a great interview and an important “get” for Bloomberg and the newly glamorous Margaret Brennan.
Some of the key points:
- On the future of the financial industry: “What had worked in the past wasn’t going to work in the future. I think our industry has to admit. We made big mistakes. The impact was felt in economy, by institutional investors but most directly on individual investors. The majority of individual investors don’t trust the companies. You have to be willing to admit that mistake.”
- On Merrill Lynch: “The company that I worked for doesn’t exist. Merrill Lynch doesn’t exist as a company and I would say it doesn’t exist culturally.”
- On pay packages: “The days of UBS being the high bid in the market are over. I don’t want people working there because we’re the hi bid in the market… As my mother would have said If you wanted to work for the little sisters of charity you could have… I want to pay people but I won’t’ be the high bid in the market.”
- On why UBS: “I had different alternatives.. if you had asked me in April or June..I would have said doing something different. I had been talking to P.E. firms about starting my own business.. but I got to know Ozzie Grubel… This is the challenge that I want at this time in my life in an industry I believe in and a segment of the industry that I see in a transformative stage right now.”
- On restoring reputation of UBS: “Nothing about Bob McCann showing up that’s going to instantaneous restore UBS rep with time the right focus the right team. Good work we can more than restore rep we can enhance it”