UBS has filed an arbitration claim with the Financial Industry Regulatory Authority (FINRA) accusing a unit of Credit Suisse of unfairly poaching staff from its US private banking business over the past few months, say sources. This move comes just as UBS winds down its US unit as part of its restructuring and cost cutting strategy. As we previously noted in October, UBS had an arrangement to transfer its US private banking business to Wells Fargo; these departures to Credit Suisse have hurt this plan says UBS.
Credit Suisse has filed an arbitration claim with the Financial Industry Regulatory Authority (FINRA) accusing a unit of UBS of unfairly poaching staff from its US private banking business over the past few months, say sources. This move comes just as Credit Suisse winds down its US unit as part of its restructuring and cost cutting strategy. As we previously noted in October, Credit Suisse had an arrangement to transfer its US private banking business to Wells Fargo; these departures to UBS have hurt this plan says Credit Suisse.