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The Incredibly Long Contract That's Vexing Credit Suisse Brokers

  • Wells Fargo deal requires an `unfathomable' 13 years at lender
  • Top wealth managers lured to UBS, Morgan Stanley and BofA
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Wells Fargo & Co. has made it easy for Credit Suisse Group AG private bankers to join the San Francisco-based lender. Leaving, however, is another story.

The firms struck a recruitment deal in October allowing advisers at the Swiss bank’s shrinking U.S. operations to smoothly transition to Wells Fargo if they want. Those who take the offer must remain at Wells Fargo for 13 years to earn the full payout of bonuses tied to the agreements, much longer than the industry’s typical nine-year deal, said people with knowledge of the arrangement.