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Credit Suisse to allow Wells Fargo to take brokers

Credit Suisse Group has given exclusive rights to Wells Fargo & Co to recruit the Swiss bank’s brokers who work in the United States. The Swiss bank said though its brokerage business has become profitable in the last two years, it is too small to sustainably compete without significant investment or acquisition. Some 275 brokers work in Credit Suisse’s 13 U.S. offices. Wells Fargo operates the third-largest brokerage network in the United States, with about 15,000 advisers. The firm, called Credit Suisse Private Banking, had revenue of about $700 million in 2015 and minimal profit. However, it is not clear whether the brokers would join Wells Fargo as they are said to be be receiving offers from several other leading financial services firms in the country. Since Credit Suisse entered the U.S. market 15 years ago, its brokers have enticed the wealthy with the Swiss name and products such as IPOs and private equity investments sourced from Credit Suisse investment bankers.

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