Here’s Why JPMorgan May Want to Avoid Twitter in the Future
JPMorgan (NYSE:JPM) asked Twitter (NYSE:TWTR) users to send questions to a senior executive at the bank using the hashtag #AskJPM. This was done with the intention of opening up a forum for university students to query upper management and meant to be an opportunity for those interested in the business. Unfortunately for JPMorgan, the plan had some major — and rather nasty — backlash, Bloomberg reports.
In just six hours, the bank had more than 6,000 replies, but most of them weren’t college students begging for an internship — hardly surprising, considering the bad press JPMorgan has been getting as of late. With the Department of Justice investigating a truckload of potential legal no-nos, criminal investigations regarding operations in Asia, and Bernie Madoff’s Ponzi scheme, there was a lot of negative material for creative Twitter users.
By 10 a.m. Eastern on Thursday, the number of posts numbered around 24,000, filled with questions like “Can I have my house back? #AskJPM” and “How many $jpm bankers does it take to screw in a light bulb? None, they just foreclose on the house. #AskJPM,” from @AdamColeman4 and @moneymcbags, respectively.
“If you’re in the banking industry with what’s happened over the last five years, it might not be a good idea to go out and solicit comments on social media. They are paying all these fines and billions of dollars to the federal government. I question the time of this,” Brad Adgate, the senior vice president of Horizon Media Inc., said to Bloomberg.
The bank tweeted “#Badidea! Back to the drawing board” not long after its original request for questions, likely indicating that these were not the sort of queries Vice Chairman James Lee was prepared to answer. Considering JPMorgan’s record-breaking $13 billion settlement with the Department of Justice, this recent social media fiasco probably isn’t helping morale.