JPMorgan, Citi, BofA tell staff to avoid clients of stressed banks, Reuters says

JPMorgan (JPM), Citi (C), and Bank of America (BAC) have warned employees not to poach clients from stressed banks, Reuters’ Lananh Nguyen and Saeed Azhar report. JPMorgan sent a memo to all staff saying that they "should never give the appearance of exploiting a situation of stress or uncertainty," while Citi also gave similar guidance to its business heads, the authors note. Meanwhile, top Bank of America executives were also briefed that their employees should not be targeting customers of distressed firms or doing anything to make the situation worse, the authors say, citing a source familiar with the matter. Reference Link