“Oh, son of a…! That’s gonna leave a mark!


Good call, JPMorgan, good call.

Good call, JPMorgan, good call.

The headline of this post is a quote from the 1995 comedy “Tommy Boy.”

But it could have been the shouts of frustration emanating from the offices of JPMorgan’s communications team yesterday.

In a move that has many people scratching their heads, JPMorgan, the largest investment bank in the United States, decided to hold Twitter chat under the hashtag #AskJPM. The goal was to target young people interested in investment banking. Yesterday they set-out to collect questions that they could present to Vice Chair Jimmy Lee, the executive who would host the formal chat.

Which has now – wisely – been cancelled.

Why?

Because an investment bank that just paid out the largest fine in U.S. banking history – $13 billion – for “misleading investors” during the 2008 finance crisis should not be hosting Twitter chats a couple of weeks later.

Rather than getting a benign responses from Twitter about a what it takes to have a career in investment banking, JPMorgan instead got an angry mob pounding down its doors.

Here are some examples:

Screen shot 2013-11-14 at 10.36.32 AM

Screen shot 2013-11-14 at 10.37.00 AM

Screen shot 2013-11-14 at 10.37.23 AM

Screen shot 2013-11-14 at 10.37.58 AM

As you can see, Twitter enacted its revenge on JPMorgan.

At its essence social media, especially platforms like Twitter, are open conversations. And like any free-flowing conversation that has many voices trying to be heard, the responses can often be swift and brutal. If people don’t like what they hear – or if they don’t like you – you can expect a savage response to your attempts to converse.

At its best social media is a back and forth exchange of ideas, insights, comments and content.

At its worse it can be an angry mob carrying sarcasm and wit rather than pitchforks.

JPMorgan should have known better. One wonders why the communications team thought this would be a good idea. Did they not realize the PR danger of a real-time Twitter chat in the current news environment?

What do you think? And how would you have handled this crisis as it unfolded?

Links:

Now JPMorgan Winds Up in Twitter Turmoil (via Wall Street Journal‘s MoneyBeat blog)

JPMorgan Twitter Chat Cancelled (via Huffington Post)

JPMorgan $13 billion Pay-off (via CNNMoney)

2 Responses to ““Oh, son of a…! That’s gonna leave a mark!”

  1. well the good news is that you will be able to cull applicants quickly if they have that on their resume.

    this is yet another case of the marketing idiots not understanding what their clients/bosses business actually is…..

    Any entity/bank that recommends or sells securities comes under the eye of FINRA. These guys have absolutely no humor.

    http://www.finra.org/AboutFINRA/

    besides if you want to find out about JP Morgan

    https://www.google.com/search?q=j.p.+morgan+and+FINRA

    these guys would have had better luck handing out I Heart Investment Banker bumper stickers wearing raincoats. P.s. don’t print a lot.

    Note to Marketing:
    1. Compliance Officers are not there to see if you are having a nice day.
    2 .Insider Trading is a illegal activity(see loose lips sink ships)
    3. I would not mention you have a twitter account at your next job interview.

  2. Hey Flopoke:
    There’s no doubt JPMorgan stepped in it, but financial services companies and banks can use social media. Yes, it is regulated – just like pharma and healthcare – but as long as you are compliant you can converse directly with your customers.

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