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.
Wells Fargo wealth and investment management head David Carroll said:"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.
"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."
Credit Suisse private banking & wealth management head and CEO Rob Shafir 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."
