UBS Wealth boss McCann sticks to his profits target

The chief executive of UBS Wealth Management Americas unit is sticking to his target of reaching Sfr1bn (£629m) in profit within the next five years, in spite of depressed markets and a tough recruiting environment.

Robert McCann, who set the ambitious target just a few weeks after he arrived at UBS in October last year, yesterday said that the Sfr1bn target is still achievable, even though the unit last week recorded its sixth straight quarterly loss.

He noted the unit has never made more than Sfr600m in yearly profit in its history.

“I didn’t say anything last year that I will not say again this year,” said McCann. The other big goal McCann set last year was to reign in spending at the unit. He said he wanted to cut spending to 80 to 85 cents for every dollar the unit brought in within five years. In the third quarter of 2010, the unit spent $1.01 for every dollar it brought in.