Credit Suisse Files Claim Against UBS Over Staff Raid

(RTTNews) - Credit Suisse Group AG (CS) has filed an arbitration claim with the Financial Industry Regulatory Authority alleging that a unit of UBS Group AG unfairly poached staff from its U.S. private-banking business over the past several months, the Wall Street Journal reported, quoting a person familiar with the matter.

The claim with the Wall Street self-regulator was filed even as Credit Suisse winds down the U.S. unit at which the financial advisers worked. About 70 of the 300 brokers from Credit Suisse's U.S. private-banking division left for UBS in recent months, the Journal reported.

In October, Credit Suisse said it would wind down the U.S. private bank and make it easy for the brokers to move their business to Wells Fargo & Co.'s brokerage unit.

The departures to UBS have hurt the plan to transfer the business from Credit Suisse to Wells Fargo, the Journal reported.