Bob McCann

• Most Earnings Top Estimates on Mixed Advisor-Headcount News

  By Janet Levaux, AdvisorOne  |  November 23, 2011

  Bank of America reported net income of $6.2 billion, or $0.56 per share, for the third quarter vs. a net loss of $7.3 billion, or $0.77 per share, last year — topping analysts’ estimates by a wide margin. Revenue, net of interest expense (and calculated on a fully taxable-equivalent basis)...

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  UBS to Trim Investment Bank, Emphasize Wealth Management

  By Janet Levaux, AdvisorOne  |  November 17, 2011

  UBS revealed plans Thursday to strengthen its wealth-management units while scaling down its investment bank and introducing new performance targets companywide.

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  5 Best & Worst Broker-Dealers: Q3 Earnings

  By Janet Levaux, AdvisorOne  |  November 16, 2011

  Brokerage firms in the third quarter boosted earnings growth as high as nearly 2,200% and reported declines as low as 120% — AdvisorOne selected a lucky 10 to spotlight.

• UBS Sees Leaders Exit, Expects Profit

  By Janet Levaux, AdvisorOne  |  October 26, 2011

  UBS said in early October that the co-heads of its global-equities unit resigned in response to the unauthorized trading that caused a $2.3 billion loss at the bank in mid-September. A former Bank of America-Merrill Lynch executive is now the sole leader of the unit. These shifts come on the...

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  UBS Beats Estimates; Net New Money Expands in Americas: Q3 Earnings

  By Janet Levaux, AdvisorOne  |  October 25, 2011

  The U.S.-based wealth management unit had about 6,900 advisors and inflows of $4.5 billion in the most-recent quarter.

• UBS Expects Modest Profit for Q3, New Client Inflows

  By Janet Levaux, AdvisorOne  |  October 4, 2011

  UBS said Tuesday that, despite a loss of $2.3 billion related to unauthorized trading and $433 million restructuring charge tied to cost cutting, it should report a modest net profit for the third quarter of 2011.

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  Sale of UBS-Americas Would Be ‘Nuclear Option,’ Says Expert

  By Janet Levaux, AdvisorOne  |  September 29, 2011

  UBS may need to consider spinning off its U.S. operations as a worst-case scenario, according to recruiters and others.

• Krawcheck Out in BofA Reorg

  By Janet Levaux, AdvisorOne  |  September 29, 2011

  Bank of America said in early September that wealth-management head Sallie Krawcheck was leaving the company as part of a major reorganization of the bank and its operations.

• UBS Cutting Staff, But Recruiting FAs

  By Janet Levaux, AdvisorOne  |  September 29, 2011

  UBS said it planned to cut staff by 3,500, or more than 5 percent of its global workforce, as part of its overall plan to trim about $2.5 billion from its yearly expenses by the end of 2013 “to improve operating efficiency,” the company explained in late August. About 10...

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  UBS CEO’s Departure Puts Advisors in Hot Seat

  By Janet Levaux, AdvisorOne  |  September 26, 2011

  UBS advisors are facing a tough situation as they await the naming of a permanent CEO to replace Oswald J. Gruebel.