January 06, 2009 |
|Robert McCann, the brokerage chief at Merrill Lynch & Co. that was recently acquired by Bank of America (BAC: News ), is leaving the securities firm, reported The Wall Steet Journal.|
50-year-old McCann led Merril's 16,850-member brokerage force and has been at the firm for the past 26 years. He was most recently vice chairman and president of global wealth management, and was instrumental in crafting the retention package to encourage brokers to stay on after the acquisition by Bank of America.
However, McCann's responsibilities were slightly narrowed later on and Bank of America said a higher-ranking "global wealth and investment management" job would be filled by another executive yet to be named. McCann and Merril Lynch's chief executive John Thain also were reportedly not on good terms.
The resignation raises doubts about how well Bank of America will be able to gel Merrill's brokers with its own smaller brokerage unit. Bank of America has a very cost-conscious culture, whereas Merrill brokers, who cater to rich clients, have a different practice.
McCann is expected to be succeeded by a top deputy, Dan Sontag.