Here's how Merrill Lynch staff found out that Bob McCann, the head of the firm's brokerage unit, had thrown in the towel. Rumour has it that Bob will resurface at Morgan Stanley, and then pick off all Merrill's best financial advisors.

'Sent: Monday, January 05, 2009 4:50 PM

Subject: Bob McCann to Leave the Firm

A message from John Thain, president of Global Banking, Securities & Wealth Management: Bob McCann to Leave the Firm

Dear Colleagues:

Bob McCann, head of Merrill Lynch Global Wealth Management and a valued member of Merrill Lynch's executive management team, informed me this morning of his decision to leave the firm.

During a distinguished 26-year career with Merrill Lynch, Bob has been a significant contributor to the company and, in the face of extraordinary challenges, he provided strong leadership for our Global Wealth Management business. Since being named head of Global Wealth Management in 2003, Bob has developed a first-rate leadership team that has been able to deliver record results and lead the industry by almost every measure. His commitment, expertise and deep understanding of our clients and their needs have made him one of the most respected leaders in our industry.

Bob told me: "After much reflection and deliberation, I have decided that this is the right time for me to move on. This was not an easy decision. My time at Merrill Lynch has enriched my life both professionally and personally. I'm proud to have been part of such a great company, and I feel fortunate to move forward with treasured friends and memories."

Prior to serving as head of wealth management, Bob led Merrill Lynch's Global Securities Research and Economics group where he was charged with restructuring and refocusing Global Research, implementing new policies aimed at reinforcing the independence and objectivity of the company's research.

Bob has held a succession of producer and management positions across the company. After joining Merrill Lynch in 1982, he went on to help build our global equities franchise over the next 16 years. Among his many roles, Bob served as head of the Global Equities division, head of the Global Institutional Client division and chief operating officer of Global Markets & Investment Banking.

It's been a pleasure to work with Bob this past year. He's been a valued leader, mentor and friend to countless colleagues over the years, and his contributions to Merrill Lynch and our industry are well known and appreciated. I know you join me in thanking Bob for his years of service and wishing him, his wife, Cindy, and their two daughters, Meredith and Madeline, all the best in the future'.

And Thain didn't wait long to announce McCann's replacement - it's Dan Sontag. Here's that E-Mail:

Sent: Tue Jan 06 15:05:07 2009

Subject: Dan Sontag Named Head of Merrill Lynch Global Wealth Management

A message from John Thain, president of Global Banking, Securities & Wealth Management:

Dan Sontag Named Head of Merrill Lynch Global Wealth Management

Dear Colleagues:

I am pleased to announce that Dan Sontag has been appointed head of Merrill Lynch Global Wealth Management. In this role, Dan will be responsible for the combined financial advisor organization. Dan succeeds Bob McCann, who recently decided to leave the company.

A 30-year veteran of Merrill Lynch, Dan has served in a variety of producer and leadership roles in Global Wealth Management throughout his tenure. Most recently, Dan was head of Americas Wealth Management, responsible for the region's extensive network of more than 600 advisory offices; private banking and investment services to ultra-high-net-worth clients; investment and insurance products; distribution and business development; corporate and diversified financial services; the firm's Global Wealth Management -- Global Markets and Investment Banking Client Coverage Initiative and the ongoing recruitment, training and continuing education of all financial advisors.

Before assuming his current position in January 2008, Dan was head of the Americas Client Relationship Group, where he was responsible for Merrill Lynch's network of advisory and private banking offices across the U.S. and Latin America, as well as Americas recruiting.

Dan joined Merrill Lynch in 1978 as a financial consultant in the Colorado Springs office. In 1986, he was promoted to management and has held a variety of leadership positions across the United States, including Michigan, Tennessee, Georgia, Texas and New York.

Dan's firsthand experience and knowledge of the principles and culture that have made Merrill Lynch Global Wealth Management an industry leader uniquely positions us to create even greater value for our clients, shareholders and associates.

Please join me in wishing Dan much success in his new role.

Source - Dealbreaker.com

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Please use the 'E-Mail' button immediately under the article title to send this item to a friend.

Press here to comment on this story >>

Today in Life: So Londoners Are Nice After All >>

TODAY

• Meet Goldman Sachs' Newest Managing Directors
• Best Place To Work Update
• Bank Tells Staff To Knock Off Early To Make Babies

THIS WEEK

• Best Place To Work 2010 Latest
• Top Firm Told To Give Up Bonuses
• 'Sorry - But Christmas Is Cancelled'