The FINANCIAL — Wells Fargo & Company and Credit Suisse announced on October 21 an exclusive recruiting arrangement to provide relationship managers and their clients in Credit Suisse’s U.S. Domestic Private Banking business an opportunity to transition to Wells Fargo’s brokerage business, Wells Fargo Advisors, by early 2016.
In addition, the two companies expect to strategically expand their relationship to make additional Credit Suisse Investment Banking and Asset Management offerings available to the Wells Fargo distribution network, according to Wells Fargo.
“The wealth management business is a major area of growth and focus for Wells Fargo, and over the last decade, we’ve grown in size and stature. Today, Wells Fargo operates the third-largest brokerage and is the fourth-largest wealth management provider in the U.S.,” said David Carroll, head of Wells Fargo Wealth and Investment Management. “Our growth is fueled by our unwavering commitment to do what’s best for our clients, which we believe will be attractive to these talented relationship managers. We look forward to welcoming U.S. Private Banking relationship managers from Credit Suisse and are committed to strengthening their relationships with their clients.”
Rob Shafir, head of Private Banking & Wealth Management and CEO of the Americas region for Credit Suisse, said: “As one of the top wealth management firms in the United States, Wells Fargo brings a combination of industry-leading capability and significant scale, providing a natural fit for our domestic relationship managers and their clients. Credit Suisse remains committed to continuing to provide ultra-high-net-worth U.S. clients with a strong investment banking and asset management institutional offering.”