Honestly, we’re surprised this hasn’t come up before…
Credit Suisse, JP Morgan, RBS, Barclays and more banks are discussing changes to their policy allowing traders across Wall Street to speak to each other in Bloomberg chat rooms, the WSJ reports.
Credit Suisse and JPM are considering blocking access to them entirely.
This would be a big change. Wall Street 101 — traders love and live for their chat rooms.
However, transcripts from said chat rooms have figured heavily into a wide range of probes into Wall Street malfeasance. Most recently, they regulators have used them to investigate allegations of rate rigging and market manipulation in the U.S. and U.K. (think: LIBOR and currency markets).
A few days ago, in London, JPM CEO Jamie Dimon told a room full of employees not to “
exaggerate.. ruminate… or bullshit,” in communications of any kind. You better believe this is what he was talking about.
The speech was harsh, but this new news makes Dimon’s wag of the finger sound like a walk in the park.
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