UBS is close to hiring former Merrill Lynch executive Bob McCann as the Swiss bank tries to draw a line under the damaging tax evasion dispute with the US that has prompted clients to pull billions of dollars out of its private banking business.
The bank's courtship of Mr McCann, ongoing since June, accelerated after last week's agreement between the Swiss and US governments over US authorities' demands that UBS hand over names of thousands of US residents suspected of sheltering money abroad.
The impact of the investigation was highlighted yesterday as UBS reported withdrawals of a further SFr16.5bn ($15.6bn) from its domestic and international private banking units, bringing the year's totalto above SFr130bn.
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