Credit Suisse closed its U.S. wealth management business earlier this year, but dozens of former advisers are still waiting for pay checks that may never come.
After signing an exclusive recruiting arrangement with Wells Fargo, Credit Suisse is withholding the money from advisers who passed on a deal to move to the wirehouse. More than half of about 250 U.S.-based advisers went to firms other than Wells Fargo. Credit Suisse argues that these advisers quit voluntarily, and therefore gave up any right to their deferred comp.
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