It is not uncommon for an investment banker to jump from one Wall Street firm to another.
It is less common for five of them — from the same team — to do it at the same time for the same rival. That’s what happened at Credit Suisse’s San Francisco-based technology team in May.
The bank’s response, though, was also just as unlikely: In early June, just days after the bankers gave their resignation, the bank went to court asking for a forensic search of their electronics and for a judge to keep them from starting work at the rival firm, Jefferies.
The injunction filings were first brought to light by a Reuters report on August 18 — two days after the five bankers were first free to call and recruit former Credit Suisse employees.
Credit Suisse accused the bankers of stealing proprietary documents and trying to poach former colleagues, court documents show. The bankers denied this in affidavits, and the injunction was granted only in part by the judge, ordering a litigation hold until the dispute is resolved in arbitration.