McCann stepping down at UBS

Robert McCann, widely credited with injecting new life into UBS’ wealth management business in the United States a decade ago, will leave the firm at the end of the year.

McCann, 62, is currently UBS’ chairman for the Americas region. He joined the firm in 2009 from competitor Merrill Lynch in the wake of the credit crisis. He was president of wealth management Americas and the Americas region before stepping up to the role of chairman of the Americas in 2016.

A note sent to UBS advisers and employees Thursday morning did not say that McCann was retiring. Rather, he is leaving UBS to consider the next chapter of his 39-year career.

Under McCann’s leadership, the wealth management Americas group “became a centerpiece of our firm’s global strategy, a driver of profitability and business growth, and a source of tremendous pride for all of us,” according to the note, which was signed by Sergio Ermotti, group CEO, and Tom Naratil, co-president of global wealth management and Americas president.

[More: UBS’ private bank closure raises questions for elite advisers]

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