Former Merill Lynch brokerage head Bob McCann and former Citigroup wealth management bosslady Sallie Krawcheck are both under consideration to take over the top job at UBS’s wealth management unit. Investment News reported that two industry recruiters say both names are “already circulating.”
Earlier, the Financial Times had reported the UBS new chief executive, Oswald Grubel, had decided not to sell the company’s US wealth management business yet, despite speculation in recent months that he might offload this business following tax-evasion accusations and the ensuing scandal. We’re not so sure the business isn’t yet for sale, although we suspect that possible US buyers might balk at the price demanded by the Swiss.
The FT said he had decided to restructure the wealth management team under a new head. UBS is a giant in US wealth management, with roughly 8,000 brokers.
McCann supposedly turned down the job to run Hartford Financial, prompting speculation that another deal was in the works.
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