Some of Credit Suisse' best U.S. bankers prefer to join a rival firm to taking a job at Wells Fargo, the company which bought the U.S. private-banking unit of the Swiss bank. Money helps to lure them away of course.
After the sale of the Credit Suisse (CS) private-banking unit in the U.S. to Wells Fargo in October, the fight for the top shots at the divested business of the Swiss bank has gained momentum. The U.S. buyer of the CS unit seems to lose out most of the time.
Morgan Stanley has been able to poach three bankers who together manage $5 billion in client assets, according to a «Wall Street Journal» report on Monday (by subscription only). That's the biggest blow to the buyer of the unit after the takeover was published, the newspaper said. Richard Zinman, Anthony Dertouzos and John Moreno worked since 2008 for Credit Suisse.
Competitors pay better
For sure, Wells Fargo will be able to retain a large number of the 275 bankers at the unit it bought. The best however will join rival institutes, headhunters said. Competitors such as Morgan Stanley offer much better bonus payments than Wells Fargo, according to these sources.
UBS recently attracted three teams from the biggest Swiss rival. The bankers in Houston, Texas, together manage $3.2 billion.
