This time last year, the industry was speculating about when UBS would be ready to sell its U.S. advisory unit. Now that prospect seems more remote than ever as newly anointed group CEO Bob McCann vows to keep growing the business.
McCann was recently promoted to overall head of UBS operations in the Western Hemisphere, which reveals how important wealth management has become to the Swiss bank -- and how traditional focuses like investment banking have fallen by the wayside.
It's now vanishingly unlikely that he'd sell off the brokerage unit to anyone.
And in fact, the firm keeps aggressively recruiting top producers away from other wirehouses.
Barry Mitchell in New York is the latest, coming over from Merrill Lynch after building a $290 million practice.
Mitchell is a reasonably efficient producer, generating $1.9 million a year on those assets.
Let's see whether changing bank affiliations gives him a way to boost that return on assets -- or more to the point, whether his clients are happier.