U.S. Bancorp: Bankers Who Pursue Wells Fargo Clients Will Be Fired

It's the banking equivalent of good sportsmanship.

Speaking at an investor event Thursday, U.S. Bancorp Chief Executive Richard Davis said he has no plans to court Wells Fargo customers who might be put off by the recent account-related scandal at their bank.

In fact, he said, U.S. Bancorp officials have made it clear to its bankers that anyone who targets Wells Fargo customers will be let go.

Business "will come to us if we've earned it," Davis said during a presentation at the Mandarin Oriental Hotel in New York.

Wells Fargo agreed to pay about $190 million to settle charges from federal regulators that thousands of bank employees opened phony accounts to meet sales goals and collect bonuses.

As the news began to unfold, Davis said he reminded employees at his Minneapolis company to take the high ground.  

"We went out Monday morning and told [bankers] to take no advantage of the Wells circumstance," Davis said.

The comments come as executives at some small banks have described the Wells scandal – and the potential disruption in the marketplace – as an opportunity to poach business away from megabanks.

U.S. Bancorp, which has $438 billion in assets, holds the all-day event for investors every three years.