C Suisse accuses former bankers of stealing information

Credit Suisse is accusing a group of five investment bankers who left for Jefferies Group in May of stealing confidential information and trying to coax former colleagues to join them.

Reuters reports that the dispute, which has not been previously reported, offers insight into how the bank's push into wealth management under Chief Executive Officer Tidjane Thiam may be prompting the departure of bankers that Wall Street businesses want to retain.

Credit Suisse said in a petition in New York State Supreme Court in June that the bankers printed out and had access to proprietary information that could be used for the benefit of Jefferies. Documents in the court case also accused the bankers of conspiring to attract members of Credit Suisse's technology banking team to Jefferies.

The bank is asking the court to block the five, all former managing directors, from using proprietary information it said they obtained before quitting. Credit Suisse did not name Jefferies Group as a defendant in the case.

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