Robert McCann, the brokerage chief at Merrill Lynch & Company is leaving the securities firm just after its purchase by Bank of America. I ran across this news item in yesterday’s Wall Street Journal. According to sources identified in the article, the departure was unexpected.
Wonder why this happened? We may never know all of the details or all of the reasons behind Mr. McCann’s departure. Is it possible McCann doubts the new alliance between Bank of America and Merrill Lynch will work? Is it possible that McCann was unwilling to sign a noncompete agreement which would have prevented him from “competing” with Bank of America if he left the firm? Wonder if McCann was presented with the same noncompete agreement that was forced upon the thousands of lower level financial advisors at Merrrill?
I bet we hear more about this story.