Morning:
14°c
Head of Merrill’s ‘crown jewel’ quits
Bill Condie06.01.09
The chief of Merrill Lynch's brokerage business, Bob McCann, is leaving, less than a week after Bank of America completed its acquisition of the securities firm.
New York-based McCann has been at Merrill for 26 years and has led the wealth management business since 2003.
“After much reflection and deliberation, I have decided that this is the right time for me to move on,” McCann told Merrill boss John Thain.
McCann's loss is being seen as a blow to Bank of America, which has been trying to prevent a flood of brokers leaving the firm for rivals. The unit employs 16,850.
When Bank of America chief executive Kenneth Lewis announced the deal in September, he called Merrill's brokerage the “crown jewel” of the company.
“This is going to create a lot of shock waves,” said Mindy Diamond, chief executive of Diamond Consultants in New Jersey. “This may accelerate the decisions of those who have taken a wait-and-see attitude.”
