UBS Again Denies Rumors Of Wells Fargo Takeover, Advisors Fear "Social Demotion"

Friday, May 20, 2011 06:01
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UBS Again Denies Rumors Of Wells Fargo Takeover, Advisors Fear

Tags: M&A | Wells Fargo

For some reason, the industry buzz keeps trying to put UBS and Wells Fargo together. But everyone from the boss on down keep denying the thought of merging with a bank with less "cachet."

 

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Bob McCann, head of the U.S. unit of UBS, refuted the latest round of rumors on Bloomberg by noting that the Swiss parent bank "likes" the wealth management business around the world -- and the U.S. market is definitely a big piece of that global market.

 

Moreover, he says he's never even received the slightest indication of interest that Wells Fargo wants to buy his operation.

 

Granted, Wells Fargo could theoretically go over his head and go straight to Zurich to negotiate. But it's unlikely that he'd be left entirely out of the loop.

 

Meanwhile, there are UBS reps out there seething at the idea that they might end up getting a "social demotion" if any Wells Fargo deal actually happens.

 

That part's more interesting than unsubstantiated dreams cooked up by journalists and the occasional Wall Street analyst. 

 

These guys think they're better than Wells Fargo and presumably most U.S. bank reps. But they also concede that "maybe we're not Goldman or Morgan Stanley," so even in their internal pecking order, the Swiss don't come out on top.

 

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