CEO Stan O'Neal

Swiss investment bank UBS AG said Tuesday it has named former Merrill Lynch & Co. executive Robert McCann as CEO of its U.S. wealth management unit, replacing Marten Hoekstra, who had held the position since February. The hiring of McCann, 51, comes after UBS became the target of an Internal Revenue Service effort to get the names of thousands of Americans thought to be hiding assets in secret accounts. Ultimately, UBS paid a $780 million penalty and agreed to disclose the names of 4,450 wealthy Americans. The Internal Revenue Service had originally tried to force Zurich-based UBS to turn over names of some 52,000 ... Read Full Story

Bank of America on Friday announced a steeper-than-expected net loss of 1.0 billion dollars in the third quarter, linked to hefty writedowns of assets from Merrill Lynch and other charges. The total loss for shareholders was even larger, at 2.24 billion dollars, or 26 cents per share, five cents worse than expected by most analysts. The company paid special dividends of 1.2 billion dollars, including 893 million to the US government for its capital injections. The largest US bank by assets said its results were "negatively impacted by continued weakness in the US and global economies and stress on the consumer, which continues to ... Read Full Story

Best Money Market Rates Merrill Lynch money market best rates The best money market rates from Goldman Sachs and Merrill Lynch topped and rolled more as they are printed on May 5th in the early day. As noted in the technical analysis of Japanese candlesticks, the table of rates costs Journal of Merrill Lynch money market shows the action of stock prices for December 2006 and January and February 2007. The best money market rates of Merrill Lynch reveals the three-bar model of the Evening Star, in which the bar center is regarded as the shooting star. This is called the configuration which is ... Read Full Story

Hedge funds had been on a roll. But that sweet run ended last week when hedge funds fell by 1.43%, erasing any gains for the month of October. According to analysts at Merrill Lynch, those losses were led by equity long/short hedge funds (-3.0%), macro hedge funds (-1.7%), and commodity trading advisers (-1.3%). read more Read Full Story

The CEO who succeeds the departing Ken Lewis at Bank of America Corp. will have plenty of repair work to do, including mending relationships with regulators and investors after the animosity that followed the acquisition of Merrill Lynch & Co. this past year. Banking analysts don't have a strong consensus about who will become CEO when the embattled Lewis leaves Dec. 31. The Bank of America executive mentioned most often is Brian Moynihan, who heads the company's largest division, consumer and small business banking. But analysts say former CEOs of banks including Wachovia Corp. could also be candidates. The new CEO faces some daunting ... Read Full Story