The drama and speculation surrounding former Merrill Lynch brokerage chief Robert McCann's departure from BofA/Merrill in January (reportedly due to a diminished role and bonus), his lawsuit against BofA to release him from exit terms that kept him from taking another job (which was settled in September), and talks with other firms are over. UBS announced today that McCann will immediately assume responsibility for the firm's domestic wealth management businesses in the U.S. and Canada. He will lead nearly 8,000 financial advisors in more than 320 branches across the U.S., Puerto Rico and Canada.

UBS Group CEO Oswald Gruebel said: "I want to welcome Bob McCann to UBS. He comes to us having led one of the largest wealth management advisory teams in the world. Bob has an outstanding reputation as an inspiring and thoughtful leader and will apply his long and deep client relationship and business experience to gain market share, increase profitability and grow our Wealth Management Americas business. ...In the Americas alone, the wealth management market opportunity represents high net worth assets in excess of $20 trillion. Under Bob's leadership, I believe that the business will now consolidate its position as the firm of choice for those clients seeking a fully integrated offering of diverse products and tailored advisory services."

McCann said: "Coming to UBS is a once-in-a-lifetime opportunity to join a leading global wealth manager. It is a firm that I always considered to be a tough competitor and I will add my energy and ideas to the turnaround underway. The domestic Americas business represents an enormous wealth management opportunity for UBS. I see tremendous long-term potential growth for clients, employees and shareholders."

Over a 26-year career at Merrill Lynch, McCann held a variety of executive leadership positions throughout the firm. Prior to his departure in January 2009, he was president of Global Wealth Management. Previous roles he held at Merrill included vice chairman of the firm's Wealth Management Group, which included Global Private Client and Merrill Lynch Investment Managers. He was also head of Global Securities Research, COO of Global Markets and Investment Banking, head of Global Institutional Sales and head of Global Equity Trading and Markets.