Why did McCann leave Merrill Lynch?
The unexpected departure of Robert McCann, head of Merrill Lynch’s vaunted Thundering Herd, is “sending tremors through that group,” reports the Financial Times. Bank of America moved to control damage by appointing McCann’s deputy, Dan Sontag, as the head of global wealth management. It’s unclear whether or not the 30-year veteran will calm the ranks. It’s also unclear, as of now, what prompted McCann’s move. Some think he just wasn’t happy with how he fared after the merger, but he delayed his move until the deal was done. The move is a blow to Bank of America, which premised its purchase of Merrill largely on the synergies in wealth management. Everyone expected cultural rifts; perhaps they’ve started already. The danger for Bank of America CEO Ken Lewis is that it ignites yet another round of advisor poaching from the Merrill ranks.
