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UBS ‘Raid’ of Credit Suisse in U.S. Prompts $9 Million Slap

  • Credit Suisse said U.S. unit suffered unfair poaching in 2015
  • It hails arbitration award that UBS notes was less than sought
Updated on

A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment.

It began in 2015, when Credit Suisse Group AG accused crosstown rival UBS Group AG of unfairly poaching staff from its U.S. private banking business. UBS Chief Executive Officer Sergio Ermotti personally shot back, insisting at a news conference his firm did nothing wrong.