Mindy Diamond Quoted – By Hugh Son and Dakin Campbell, Bloomberg – Wells Fargo & Co. has made it easy for Credit Suisse Group AG private bankers to join the San Francisco-based lender. Leaving, however, is another story. One of the few advantages of a lengthier deal would be that bonus payments are spread over a longer period, lowering advisers’ taxes in any given year, said Mindy Diamond, president of Diamond Consultants LLC, a Morristown, New Jersey-based executive-search firm.
By Andrew Welsch, OnWallStreet – A fifth advisor moving to UBS, Mark Hutchinson, joined the firm’s Chicago office from Credit Suisse. Hutchinson oversaw $320 million in client assets and had an annual production of $2.23 million while at the firm, according to the UBS. Hutchinson will report to UBS’ Chicago private wealth management market head Mike Gatewood, and focus on ultrahigh-net worth clients.
Howard Diamond Quoted – By Michael Wursthorn And Joann S. Lublin – Dozens of top brokers from Credit Suisse Group AG’s U.S. private-banking unit are unhappy over their proposed recruitment by Wells Fargo & Co., creating an opening for rival brokerages to poach them, people familiar with the matter said.
Mindy Diamond Quoted – By Dakin Campbell, Bloomberg – 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 incentive package to go elsewhere can be much larger but it’s easier to stay,” Diamond said. “As long as you believe that your life won’t change materially, you are inclined to stay put. Wells, as opposed to some lesser-known firm, has a better chance of retaining the brokers.”
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