Wells Fargo Set to Purchase Credit Suisse’ Private Bank
From the Desk of Jim Eccleston at Eccleston Law LLC:
Almost 250 ‘Relationship Managers’ and hundreds more operations personnel and executives at Credit Suisse US Private Bank will officially become part of Wells Fargo.
It is no surprise to some that Wells Fargo is the bid winner. In fact, an executive at Credit Suisse had simply stated “It’s Wells Fargo,” when asked to confirm the news.
A common prediction is that most of the advisors with Credit Suisse will end up on Wells Fargo’s UNHW platform- Abbott Downing. Both offer elite client services. If this is true, it would mean that Abbott Downing would double in its size and would be able to with Merrill’s PBIG and Morgan Stanley’s PWM units.
Some reps may choose to go elsewhere. Those reps should retain securities counsels to review their employment documentations and negotiate any new deal.
The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.
Related Attorneys: James J. Eccleston
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