After months of morale bashing headlines and devastating client asset withdrawals, UBS private client brokers are asking, “Where’s Bob?”
Many brokers hoped that the well publicized agreement with the US Government over tax avoiders would be a turning point for the company. They hoped that the prolonged distraction the case posed to management would finally be over.
But there’s still no official word on the widely rumoured discussions to bring on Bob McCann to run the brokerage.
The anticipation of Bob McCann joining the team isbeing seen as extremely positive, especially so when discussion of a spin off of the Wealth Management Unit could make the brokers truly partners of a potential power house. The plan to hire McCann has also been touted by many big producers to their clients as an indication that the unit is now headed in the right direction.
Is it possible that senior management, now newly confident in light of the IRS agreement, may blow this opportunity? With Sallie Krawcheck now signed on to Merrill Lynch, it’s hard to see what could be causing the delay. The latest whispers have some at UBS wondering if Bob McCann decided not to join UBS. If McCann does wind up turning down UBS, headhunters at Merrill Lynch and Morgan Stanley will surely be salivating with the prospect of the potential defections.
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