Wells Fargo Company (NYSE: WFC) and Credit Suisse announced today an exclusive recruiting arrangement to provide relationship managers and their clients in Credit Suisse's U.S. Domestic Private Banking business an opportunity to transition to Wells Fargo's brokerage business, Wells Fargo Advisors, by early 2016. In addition, the two companies expect to strategically expand their relationship to make additional Credit Suisse Investment Banking and Asset Management offerings available to the Wells Fargo distribution network.
"The wealth management business is a major area of growth and focus for Wells Fargo, and over the last decade, we've grown in size and stature. Today, Wells Fargo operates the third-largest brokerage and is the fourth-largest wealth management provider in the U.S.," said David Carroll, head of Wells Fargo Wealth and Investment Management. "Our growth is fueled by our unwavering commitment to do what's best for our clients, which we believe will be attractive to these talented relationship managers. We look forward to welcoming U.S. Private Banking relationship managers from Credit Suisse and are committed to strengthening their relationships with their clients."
Rob Shafir, head of Private Banking Wealth Management and CEO of the Americas region for Credit Suisse, said: "As one of the top wealth management firms in the United States, Wells Fargo brings a combination of industry-leading capability and significant scale, providing a natural fit for our domestic relationship managers and their clients. Credit Suisse remains committed to continuing to provide ultra-high-net-worth U.S. clients with a strong investment banking and asset management institutional offering."
About Wells Fargo Wealth and Investment Management
Wells Fargo Wealth and Investment Management (WIM) is one of the largest wealth managers in the U.S., with $1.6 trillion in client assets. WIM includes Wells Fargo Private Bank, serving high-net-worth individuals and families; Wells Fargo Advisors, the third-largest brokerage firm in the U.S. (based on number of financial advisors); Wells Fargo Retirement, which manages $346 billion in employer-sponsored retirement plan assets for 3.9 million Americans; and Abbot Downing, serving ultra-high-net-worth individuals and families. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo Company.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo Company was ranked No. 30 on Fortune's 2015 rankings of America's largest corporations. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,600 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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Media (Wells Fargo)
Jack Grone, 314-875-4043
Media (Credit Suisse)
Nicole Sharp, 212-325-8708
Investors (Wells Fargo)
Jim Rowe, 415-396-8216