Wells Fargo Reaches Agreement to Add Credit Suisse Advisers

  • Deal would pave way for U.S. bank to pick up clients, workers
  • Wells Fargo builds wealth unit as Credit Suisse refocuses

Wells Fargo & Co. struck a deal with Credit Suisse Group AG to smooth the recruitment of the Swiss lender’s private-bank employees as their firm retreats from managing wealth for U.S. clients.

The deal would allow U.S. advisers and clients to move to Wells Fargo by early 2016, according to a joint statement Tuesday from the firms.

The agreement, hinging on clients’ consent, gives Wells Fargo access to more detailed information about customers, their investment portfolios and the products and services Credit Suisse marketed to them than if Wells Fargo simply tried to hire individual advisers, according to a person with knowledge of the arrangement who asked for anonymity to talks about the details. It also makes it smoother for Credit Suisse employees who join Wells Fargo to transfer their business, the person said…

Wells Fargo Reaches Agreement to Add Credit Suisse Advisers

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