Citi said Tuesday that it had hired Gavin Michael from JPMorgan to be its new head of tech for global consumer banking; JPMorgan is replacing him with Bill Wallace, a move that may have been in the works. Image: Bloomberg News
Citi said Tuesday that it had hired Gavin Michael from JPMorgan to be its new head of tech for global consumer banking; JPMorgan is replacing him with Bill Wallace, a move that may have been in the works. Image: Bloomberg News

A Credit Suisse advisor who managed $2.2 billion in client assets left the firm to join J.P. Morgan Securities, a spokeswoman said.

Elaine Meyers, an industry veteran, joined J.P. Morgan in San Francisco, where she reports to Regional Director Robert Spawn, On Wall Street reports exclusively.

She is the latest advisor to depart Credit Suisse, which plans to exit the U.S. wealth management market. Late last year, the Swiss firm made a deal with Wells Fargo, giving the wirehouse the inside track on recruiting its U.S.-based advisors. Wells Fargo offered Credit Suisse advisors a bonus of up to 300% of their trailing production to transition their books of businesses, according to someone familiar with the matter.

However, some advisors balked at terms of the deal, which included a 13 year contract, which is longer than the industry average. Credit Suisse advisors have been making moves to rivals such as J.P. Morgan and UBS. So many moved to the latter, that Credit Suisse filed a raiding claim in arbitration against its Swiss rival.


Credit Suisse has lost approximately a third of its 270 advisors since announcing the deal, according to On Wall Street reporting and people familiar with the departures.

Meyers said she made the move to J.P. Morgan for its boutique wealth management model, which she believes best fits her clients' needs.

"I am especially eager to leverage the alternatives and lending capabilities, which are two areas that I believe many of my clients will greatly benefit from," she said.

Meyers, who serves ultrawealthy clients, spent ten years at Credit Suisse's Private Banking Group.

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