In the fall of 2015, Credit Suisse announced that it intended to wind down its United States private banking operations. Shortly thereafter, Credit Suisse announced that it had entered into an exclusive recruiting arrangement with Wells Fargo that would allow Credit Suisse’s brokers, and their clients, to move to Wells Fargo by early 2016.
Due to concerns with some of the employment terms required by Wells Fargo, and concerns about Wells Fargo’s capabilities with respect to certain segments of business, many brokers joined firms other than Wells Fargo. Recently, according to multiple sources, Credit Suisse has notified brokers who did not join Wells Fargo that they would not be paid deferred compensation due them from Credit Suisse.
If you are a broker that has been affected by Credit Suisse’s decision not to pay deferred compensation, the attorneys at CMF would be happy to speak with you regarding your rights.