Wall Street has "lost an enormous amount of trust equity in the last couple of years and it continues," Bob McCann CEO of Global Wealth Management at UBS has said.
Trust is the most important issue right now for Wall Street and our country right now," he stated.
He pointed out that the Booth/Kellogg Financial Trust Index showed that only 23 per cent of Americans trust the nation's financial system
He was speaking as the Leadership Award honoree at the Irish America Magazine Wall Street 50 event at the New York Yacht Club in Manhattan on Monday evening.
McCann stated that " as a trader I arranged billion dollar trades, done on a handshake, not with a lawyer sitting on my shoulder, but by looking a client or counterparty in the eye and shaking hands -- we need to get back to that time."
He urged the Wall Street leaders present to "play a proactive role in the restoration of trust-- not by words alone but by actions too."
He stated restoring trust is the responsibility of the entire financial services industry" he stated.
He stated that trust was also an incredibly important part of the Irish peace process. McCann is playing a leading role in securing economic development to aid the process there and is also involved in educational initiatives.
"Under the Peter Robinson/Martin McGuinness (First and Deputy First Minsters) leadership trust is being rebuilt slowly in Northern Ireland..people are starting to believe in a bright future "
Whether it is Wall Street or Northern Ireland all of us in positions of leadership have a responsibility to rebuild trust and invest in the future contribution of great young people" he said,
McCann was introduced by Declan Kelly, U.S. Economic Envoy to Northern Ireland, who described him as a trailblazer for peace and economic progress in Northern Ireland.