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.
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.