UBS chief executive Oswald Grübel’s eminently sensible decision to put Robert McCann in charge of his US wealth division marks the latest of a series of leadership shuffles in wealth management, as people get back to basics.

Grübel reckons the crucial aspect of his appointment is that McCann knows the importance of boosting the bottom line. His plan to boost margins from the 8% immediately in prospect to 15% is suitably realistic, compared with the 20% he delivered at Merrill Lynch. No acquisitions are planned.