Prepared for Sarah L. | Delivered March 20, 2020
Medium-sized Banks Communicating About COVID-19
To establish how small to medium-sized banks are communicating with their high net worth clientele. During the coronavirus crisis.
Wells Fargo is among the
that have been affected by the ongoing coronavirus crisis. The Financial Services Forum on behalf of Wells Fargo and other small and medium-sized financial institutions have stated both small and
The announcement provides that even though Forum member institutions have individual substantial liquidity in addition to various funding sources, there is a need to demonstrate
leadership and value
of the Federal Reserve’s discount window facility.
The communication statement is also meant to encourage other small to medium-sized financial institutions to join in demonstrating the value of the discount window facility of the
JPMorgan Chase released its communication in late
In part, their communication stated that it would use the Federal Reserve discount to
remove its stigma.
JPMorgan is also advising its clients on pensions on investments and exploiting the opportunities during the
ongoing market turmoil.
More so, the bank is advising its clients to diversify into s
ecure mortgage assets
from corporate credit.
Bank of America
According to an article published by Reuters, Bank of America Corp (BACN) is engaging its clients during the coronavirus crisis by asking their private clients about their
exposure and preparations.
This has been made part of the
at the bank.
Asking their clients about exposure and preparedness in the face of the coronavirus crisis is an additional layer of
, in a bid to help the bank mitigate losses made on deals, including bond issuance.
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