U.S. Banks Cooperate to Keep Americans’ Savings Secure

U.S. Banks Cooperate to Keep Americans’ Savings Secure

By Yehudit Garmaise

After the collapses of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank, stressed American customers withdrew $500 billion, but many large banks are warning employees to stay discreet, calm, cool, and collected amid an undercurrent of uncertainty.

Banking giants, such as JPMorgan Chase, Citigroup, and Bank of America, for instance, warned employees not to escalate customers’ anxieties by speaking badly about other banks, Reuters reported. 

"We do not make disparaging comments regarding competitors,” read a March 13 memo written by leaders of JP Morgan, the largest bank in the U.S., who urged employees “never to give the appearance of exploiting a situation of stress or uncertainty." 

JP Morgan’s consumer and business banking unit also warned branch employees: "We should refrain from soliciting client business from an institution in stress."

Citigroup, which has similarly guided its business heads, asked employees never to publicly speculate about other banks, nor spread market rumors.

"We should not engage in any activity that could be perceived as taking advantage of the current situation to the detriment of others," Mary Mack, the CEO of consumer and small business banking at Wells Fargo wrote in a memo to staff. 

"We all have a vested interest in keeping America's financial system strong and thriving," said a spokesman of JPMorgan, which last week led an nationwide effort to pour $30 billion into the faltering First Republic Bank. "It's the envy of the world with thousands of institutions of all sizes serving every corner of the country."

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