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 ##isse has filed an ethics claim with the securities Industry Regulatory Authority ( FINRA ) accusing a unit of UBS of unfairly hiring staff from its US private banking business over the past few months , say sources . This move comes just as Credit Suisse shut 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 by Credit Suisse .