Credit Suisse Group AG is accusing UBS Group AG of raiding its U.S. broker ranks, even as Credit Suisse winds down the private-banking unit at which those financial advisers worked. Credit Suisse filed an arbitration claim recently with Wall Street’s self-regulator, the Financial Industry Regulatory Authority, alleging that UBS Wealth Management Americas unfairly raided its U.S. private-banking business over the past several months, a person familiar with the matter said. ...
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. The Swiss bank is seeking to recover fees it paid for recruiting and training employees in New York who were then transferred to UBS's London office as part of a deal that saw the firm buy back 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.