JPMorgan, Citi, BofA Tell Staff Not to Poach Clients From Stressed Banks

StreetInsider2023-03-24

As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp., warned employees: do not make...

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The guidance includes not speculating about other banks or market rumors.</p><p>Top executives at Bank of America Corp were also briefed that their employees should not be going after the customers of distressed firms or doing anything to exacerbate the situation, a source familiar with the matter said.</p><p>The bank runs that toppled Silicon Valley Bank (SVB) and <a href=\"https://laohu8.com/S/SBNYP\">Signature Bank</a>, the second and third largest lenders to fail in U.S. history, prompted customers to move about half a trillion dollars of deposits from the &#34;most vulnerable&#34; U.S. banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday.</p><p>As SVB teetered, billions of dollars in deposits poured into the nation&#39;s banking giants, which are required by regulators to hold more capital to withstand shocks. While lenders regularly compete for customers, the loss of confidence that shook the banking system in the last two weeks sparked concerns about contagion that could lead to a broader panic.</p><p>The turmoil prompted unprecedented moves by regulators to guarantee the deposits of SVB and Signature. President Joe Biden, Treasury Secretary Janet Yellen and Citigroup Inc. Chief Executive Jane Fraser have all made statements in recent days to reassure the public that the U.S. banking system is safe.</p><p>&#34;We all have a vested interest in keeping America&#39;s financial system strong and thriving,&#34; a JPMorgan spokesperson said. &#34;It&#39;s the envy of the world with thousands of institutions of all sizes serving every corner of the country.&#34;</p></body></html>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan, Citi, BofA Tell Staff Not to Poach Clients From Stressed Banks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The guidance includes not speculating about other banks or market rumors.Top executives at Bank of America Corp were also briefed that their employees should not be going after the customers of distressed firms or doing anything to exacerbate the situation, a source familiar with the matter said.The bank runs that toppled Silicon Valley Bank (SVB) and Signature Bank, the second and third largest lenders to fail in U.S. history, prompted customers to move about half a trillion dollars of deposits from the \"most vulnerable\" U.S. banks to bigger institutions this month, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note Wednesday.As SVB teetered, billions of dollars in deposits poured into the nation's banking giants, which are required by regulators to hold more capital to withstand shocks. While lenders regularly compete for customers, the loss of confidence that shook the banking system in the last two weeks sparked concerns about contagion that could lead to a broader panic.The turmoil prompted unprecedented moves by regulators to guarantee the deposits of SVB and Signature. President Joe Biden, Treasury Secretary Janet Yellen and Citigroup Inc. 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