JP Morgan set to bar traders from online chat rooms
Wall Street giant JP Morgan is expected to ban traders from online chat rooms this week.
The move comes after a spate of probes by regulators into trading practices across the banking industry.
The proposed measures are understood to be part of a crackdown on bankers’ embarrassing online chat logs.
A number of recent lawsuits have cited instant messages and emails as evidence for the allegations that bankers colluded to fix benchmark prices, such as the online chat logs of bankers across the industry involved in the Libor rate fixing scandal.
A recent probe into possible currency manipulation by the UK Financial Conduct Authority also revealed bankers known by names such as “The Cartel,” “The Dream Team” and “The Bandit’s Club” were using chat room on Bloomberg terminals and instant messages.
JP Morgan chief executive Jamie Dimon has warned employees about online chat practices.
“Don’t exaggerate, don’t ruminate and don’t bullshit. I’m serious,” he told his London office in November.
It would not be the first investment bank to block instant messaging services.
Last November, Deutsche Bank announced plans to ban traders from chat rooms shortly after it was fined 600 million euros for market manipulation and collusion with competitors.
A number of other investment banks, including Merrill Lynch, Credit Suisse, Goldman Sachs and Morgan Stanley are considering alternative messaging systems which offer secure internal communication to staff.
A spokesman for JP Morgan declined to comment.
Justin Bieber was one of the hardest hit
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...