Wells Fargo signs deal to recruit Credit Suisse's US brokers

October 20, 2015 10:02 PM

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NEW YORK Oct 20 Credit Suisse Group AG has awarded Wells Fargo & Co the exclusive right to recruit the Swiss bank's brokers who work in the United States, the two companies said on Tuesday.

Although the Credit Suisse brokerage business has become profitable in the last two years, it is too small "to sustainably compete without significant investment or acquisition," the bank told its brokers in an internal memo.

Also read: Credit Suisse prevails in lawsuit seeking $300 million for brokers: U.S. judge

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