JPMorgan Chase & Co JPM:NYSE

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Market Chatter: Big US Banks Advise Staff Against Pursuing Clients of Stressed Lenders

7:31AM ET 3/24/2023 MT Newswires
Big US lenders including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) have told staff not to pursue the customers of stressed banks, Reuters reported Thursday, citing internal memos and sources familiar with the matter

JPMorgan told its employees they "should never give the appearance of exploiting a situation of stress or uncertainty," Reuters reported, citing a March 13 memo. Leaders of the bank's consumer and business banking unit also told staff they should "refrain from soliciting client business from an institution in stress," according to the report.

Citigroup also guided its business heads in the same way, including telling them not to speculate about other banks, while Bank of America's top executives warned employees they should not be going after customers of distressed companies or do anything to worsen the situation, Reuters reported.

Wells Fargo's chief executive officer of consumer and small business banking, Mary Mack, sent a memo to employees on Thursday warning they "should not engage in any activity that could be perceived as taking advantage of the current situation to the detriment of others," Reuters reported.

JPMorgan Chase, Bank of America, Citigroup and Wells Fargo did not immediately respond to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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