UBS Wealth Management Americas Chief Executive Robert McCann shot down rumors of a possible acquisition by Wells Fargo & Co. and reaffirmed UBS AG’s commitment to that unit in a Bloomberg Television interview Thursday.
“I can tell you that it isn’t true,” McCann said. “I can tell you that I have not been part of any meeting with Wells Fargo and I can tell you that [Oswald] Gruebel and I have been incredibly consistent in any place we’ve talked or written about this. This is an important part of UBS. It’s an important part of our platform in the Americas and we like the wealth management business globally. It’s an important part of who and what UBS is.”
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