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 October, 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 the past few months, 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.