Fresh off a settlement with Bank of America over a pesky non-compete clause, ex-Merrill Lynch brokerage chief Bob McCann officially signed with UBS as its new head of wealth management in the Americas and head of international business in the region. McCann will receive $850,000 annually for his services (with no guaranteed bonus), a far cry from the $350,000 in salary and $4.1 million in incentive pay he made at Merrill for his work in 2007.
At UBS, look for Bob to hire some of his old buds from Merrill, quickly turn around UBS’ tarnished reputation (since that tax fraud case hit the fan, investors have pulled out more than $150 billion in assets) and spin this piece of the Swiss banking giant off in a giant public offering in a few years, which will put more bank into McCann’s pocket than you can shake a whole bushel of sticks at.
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