Credit Suisse

Credit Suisse has discovered fraud at its international wealth management business, two years after it was criticized by a regulator in a similar case that rattled the bank and raised questions about controls.

While the money held in delisted products is a fraction of the overall exchange-traded market, analysts warn those billions could be time bombs.

A court ruling may also potentially help dozens of other advisors in their efforts to claim what they say is millions in deferred compensation they are due.

The industry outranked asset classes including private equity and venture capital, which have historically ranked higher in a Credit Suisse survey.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

The firm plans to reshape how it lends to billionaire clients, especially loans that are backed by hard-to-sell assets.

The wealthiest clients require teams of professionals leveraging the highest touch service with a global reach, Markus Lammer, COO of Credit Suisse’s UHNW business in the U.S., explains in an episode of Financial Planning’s Invest Podcast.

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The client, Moises Cosio, is a filmmaker and the scion of a Mexican banking and real estate fortune.

The defeat is the most recent for Credit Suisse in an ongoing deferred compensation fight in which ex-advisors have won millions.

The bank's asset management arm will introduce products “where they exhibit efficiency advantages over index funds.”

It took Credit Suisse’s chairman 19 meetings to woo Tidjane Thiam and one board meeting to say goodbye.

“We saw a deterioration in terms of trust, reputation and credibility among all our stakeholders,“ Urs Rohner said

There are indications that the bank may be looking to expand its toehold in the U.S. wealth management market after abandoning it in 2016.

The advisor switched firms only to see his new employer close shop 18 months later.

The top brass being unaware of this stuff happening on their watch doesn’t inspire confidence.

The advisors had won $1.6 million in back pay and fees in a case decided last month.

The move underscores wealth managers’ increasing focus on the not-yet-fabulously rich to boost profitability.

It’s the sixth time so far this year that former Credit Suisse advisors have won damages against the firm.

When an unusual recruiting deal between Credit Suisse and Wells Fargo went awry, years of broker frustration, severe attrition and litigation followed. Also at stake: Up to $245 million in back pay.