UBS - The Name Remains The Same (The Strategy Isn't)

The Wall Street Journal reports that Bob McCann has now unveiled his new strategy for the bank's US wealth management division.

Former Merrill Lynch veteran McCann has been having a good sniff around these last few weeks (he came on board last October), and told staff at a town-hall meeting Wednesday that the division is aiming to be bagging $1bn in pre-tax profits a year within the next 3 - 5 years.

McCann also said that UBS Wealth Management Americas won't be changing its name back to PaineWebber, a firm it acquired in 2000 and a wealth management brand some think would be easier to build on in the US, as UBS's name recognition there remains relatively low.

The unit, which employs around 17,000 staff (including 7,000 brokers) will focus its efforts on high net worth clients ($1m - $10m in liquid assets) and ultra-high net worth clients (over $10m), and attempt to build-out the franchise in key US markets like Chicago, Los Angeles, New York City and San Francisco. 

McCann has also said that the division will benefit from the better use of technology, and that brokers will be incentivised to cross-sell other bank services like credit cards and mortgages.

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