McCann reportedly sues BofA over non-compete; next stop UBS?
Bob McCann, the former head of Merrill Lynch's retail brokerage force, has sued Bank of America Corp. over his employment contract, according to the Financial Times.
Bob McCann, the former head of Merrill Lynch’s retail brokerage force, has sued Bank of America Corp. over his employment contract, according to the Financial Times.
He’s seeking to be released from the terms of the non-compete clause in his contract with Bank of America so that he can take a “once in a lifetime” job somewhere else, the FT reported late yesterday, citing the lawsuit.
The suit, filed in New York State Supreme Court, did not reveal where Mr. McCann wanted to go, FT said.
But, as first reported in InvestmentNews in early July, he is thought to be one of the top contenders to run the wealth management business at UBS Financial Services Inc. of New York, and UBS is reportedly close to making such an offer .
Mr. McCann left Merrill Lynch & Co. Inc. of New York in January, shortly after the close of its merger with Bank of America Corp. of Charlotte, N.C.
In his suit, Mr. McCann claims that under the terms of his contract, he should be allowed to join a competitor after six months, rather waiting a full year as Bank of America wants, the FT reported.
Calls to a spokesman for Bank of America were not returned.
Mr. McCann’s attorney, Steven Eckhaus, a partner at Katten Muchin Rosenman LLP in New York, was not immediately available for comment.
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