As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Bank of America Corp. (BAC.N) warned employees: Do not make it worse.
JPMorgan, the nation’s largest bank, told all employees they “should never give the appearance of exploiting a situation of stress or uncertainty,” in a March 13 memo, extracts of which were seen by Reuters. “We do not make disparaging comments regarding competitors.”
On the same day, the leaders of its consumer and business banking unit told branch employees: “We should refrain from soliciting client business from an institution in stress,” according to extracts seen by Reuters.
Source : JPMorgan, Citi, BofA instruct staff not to poach clients from troubled banks