Merrill Lynch has rehired veteran banker Robert McCann, who quit as head of research in February, to a new role as vice chairman of the wealth management group.

McCann previously worked in Merrill Lynch's capital markets and research teams for 21 years. In his new role, he will oversee the US bank's global private client business, its securities research and economics division, and Merrill Lynch Investment Managers (MLIM), its asset management subsidiary.