On Friday, Bloomberg TV’s Margaret Brennan (yep, she left CNBC for Bloomberg) interviewed former Merrill Lynch Brokerage head Bob McCann in Ireland. What’s fascinating about the interview is how magnanimous McCann sounds, especially since he has been locked in a court battle with Bank of America to free himself from contractual restrictions that are preventing him from taking over the UBS brokerage.
It makes us wonder if the suit between Bank of American and McCann might be close to resolution on grounds favourable to McCann. Certainly, he doesn’t sound like a guy out to even scores or skewer the Bank of America-Merrill Lynch management.
Other things McCann says are important too. “There’s too much talk about size and scale and not enough about the clients,” McCann says. And Brennan adds that he opposes further regulation of banker pay, favouring private sector answers to better align compensation with long term risk.