UBS and other firms owned by big banks have had less success cross-marketing capital-raising and investment banking services to wealth management clients who own businesses. That reflects in part distrust between brokers and investment bankers who typically command higher compensation.
McCann may have hoped to overcome the divide by citing his own career. Prior to leading Merrill's "thundering herd" of brokers from 2003 to the end of 2008, he spent two decades as a senior capital markets executive running stock trading, research and investment banking.
McCann was not available for an interview, the spokesman said.