Banking giant cancels Twitter chat amid allegations

Global bank JP Morgan was forced to stop a high profile Q&A session on social network Twitter, before it had even started, after numerous allegations and insults were published using the linked hashtag.

The session hosted by the bank was with Jimmy Lee, a former investment banker. However, less than 24 hours before the session was due to start, a torrent of abuse, spurious claims and allegations began.

The session with Lee, who is also a vice-chair of the bank, was being promoted with the hashtag #AskJPM. Despite being promoted for a number of days before hand, it was only on the day before that a large number of responses started to come in.

Insults included people making fun of the bank’s attempt to use Twitter and personal salvos at the executive members of the board.

JPM, the subject of many legal challenges in recent years, also received a number of tweets questioning its banking practices.

With many people alleging that JP Morgan finances the black market, one blogger quipped:

“What’s it like working with Mexican drug cartels? Do they tip?”

Not having a social media team of its own, it is unclear who was hosting the event internally. However, an email sent from a bank employee said:

“Bad idea! Back to the drawing board.”

Using social networks, blogs and newsfeeds to stay in touch with customers is an important tool for companies, but they have to be delivered in the right way and to the right people in order to be effective.

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