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Wells Fargo plans to systematically poach Credit Suisse's private brokers in the U.S. and their clients and the Swiss bank is OK with that.
October 26 -
Wells Fargo has hired Allianz veteran Jasmine Jirele to head its trust operations team.
August 10 -
The Minneapolis investment bank, for the most, didn't serve financial institutions. It hopes to change that with a number of key hires and the purchase of a Chicago boutique firm.
July 17
Wells Fargo is ready to recruit more than 200 brokers from Credit Suisse's U.S. private banking unit set to close early next year,
The deal reportedly includes a recruitment bonus of 300% of annual fees and commissions. That's the "top recruiting deal that Wells Fargo would typically offer," noted Wendy Leung, a senior consultant at Diamond Consultants. But Credit Suisse brokers complained about a $5 million up-front payment cap that could limit the initial payment.
In response Wells Fargo, which flew in Credit Suisse brokers to its St. Louis office this week to trumpet the employment plan, offered up to $2.5 million in vested deferred compensation for those affected by the $5 million limit.
The brokers are also sullen that they could lose their deferred compensation from Credit Suisse if they chose not to make the move to Wells Fargo, the Journal reports.
Credit Suisse and Wells Fargo spokespeople declined to comment to American Banker.
