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McCann Sues Bank of America to Void Noncompete Clause

UBS is said to be close to hiring the former Merrill Lynch chief to head up its wealth management business.

  • August 26, 2009
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Ex- Merrill Lynch & Co. brokerage chief Robert McCann is suing Bank of America Corp. to force the company to release him from the noncompete clause that is keeping him from taking another job, according to published reports.

McCann filed a suit Monday, August 24, in New York State Supreme Court, claiming that he was fired without cause from the Charlotte, North Carolina-based bank, thereby voiding the clause.

He departed Bank of America at the beginning of the year, less than a week after BofA finalized its acquisition of Merrill Lynch.

UBS is reportedly close to an agreement to hire McCann to lead its wealth management business in the Americas, according to a Financial Times report.

Filed by Investment News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com

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