Dakin Campbell

The decision also affects David Carroll, who leads wealth and investment management, according to the firm.

The compensation loss is the biggest for a major U.S. bank chief since the 2008 financial crisis.

Goldman Sachs and rival firm JPMorgan are making strides in the ETF market and taking on giants such as BlackRock, State Street and Vanguard.

The CEOs of Goldman Sachs and Morgan Stanley are getting smaller pay days after shares for both of their firms undperperformed.

As CEOs at the major firms hang on to their positions, other executives such as Morgan Stanley's Greg Fleming are finding it harder to rise up the ranks.

The wirehouse is asking Credit Suisse advisors to sign a 13-year contract before joining the wirehouse – much longer than the industry standard, according to people familiar with the matter.

While the company has about 11% of the operating deposits in the country, it only manages 1% to 2% of the wealth, CEO John Stumpf said.

The deal would allow Credit Suisse's U.S. advisors and clients to move to Wells Fargo Advisors by early 2016, according to a joint statement Tuesday from the firms.