US banking giants tell staff not to poach clients of distressed lenders

As a series of US lenders were besieged by customers yanking out their money in March, banking behemoths JPMorgan Chase & Co, Citigroup and Bank of America warned employees: Do not make it worse.

JPMorgan, the nation's largest bank, told all employees in a memo dated March 13 that they "should never give the appearance of exploiting a situation of stress or uncertainty".

"We do not make disparaging comments regarding competitors," it said.

According to extracts seen by Reuters, the leaders of the bank's consumer and business banking unit told branch employees on the same day: "We should refrain from soliciting client business from an institution in stress." Citigroup has also given similar guidance to its business heads, a source familiar with the matter said. The guidance includes not speculating about other banks or market rumours.