Photo: Twitter, nan palmero
The research firm Gartner Inc. found that worldwide, the number of global organisations that restrict access to social media is going down by 10 per cent every year.However, Wall Street’s largest financial institutions continue to buck the trend.
The New York Times reports that JPMorgan Chase, Bank of America Merrill Lynch, and Goldman Sachs are among the firms that block employees from social media sites like Facebook and Twitter.
Financial institutions cite increased regulation on communications as their rationale for the firewalls. Dealbook’s Michael Kaplan quotes Goldman Sachs spokesman Richard Siewert Jr., who says “You have to be able to monitor what people are saying in real time.”
One thing’s for sure: analysts don’t like this policy one bit.
Working on Wall Street is “a full life commitment, and without access to social media or personal e-mail it can often feel like nothing exists outside of work,” said one JPMorgan Chase analyst…”It’s draconian…“
Analysts often have a fair amount of downtime on the job while waiting for their superiors to review and return assignments, and they’ve found some ways around their companies’ firewalls.
According to the article, analysts use Rutube (Russian YouTube) to watch soccer highlights, use less popular video sites like Vimeo, and bring personal mobile devices that enable them to access their social media accounts.