Leaving this top firm might not be so easy

No Exit David Knudsen

You can check out any time you want - but never leave.

Wells Fargo has made it easy for Credit Suisse private bankers to join the firm. Leaving, however, is another story.

Bloomberg News reports that the firm struck a recruitment deal in October allowing advisers at the 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.

'Once something is longer than nine or 10 years, most people don’t want to sign that', said Mark Elzweig, a New York-based executive search consultant, adding that more than 40% of advisers at the biggest brokerages are 55 or older. 'It’s unfathomable, it becomes too much to get your head around'.

To access the complete Bloomberg News article hit the link below:

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