But Twitter isn't doing JPM any return favors, as the social media site was the scene of an epic big bank takedown by consumers last week -- so much so that the bank canceled a Twitter-based Q&A with one of its key executives.
The banking giant, which has been the target of eight investigations for U.S. federal regulators, staggered into a public relations nightmare with a proposed online Twitter forum Thursday. The event was set to include a bank senior executive on hand to answer consumer banking questions via Twitter, using the hashtag #AskJPM.
What happened next could well be the subject of bank marketing seminars for years -- especially those focusing on what not to do when reaching out to consumers directly.Twitter users, unaccustomed to having direct access to a big bank executive, went off the hook in mocking and taunting JPMorgan before the bank pulled the plug -- triggering a suddenly famous Tweet from the bank. "#Badidea! Back to the drawing board," Morgan posted on its twitter account six hours after collecting questions from the Twitterati. The bank collected 24,000 posts on the #AskJPM hashtag -- few of them very complimentary. Here's a sampling:
- Can I have my house back?" @AdamColeman4 posted.
- "Is it true 'JPM' stands for 'Just Pay More'?'' @SconsetCapital asked.
- ''What's your favorite type of whale?'' @ObsoleteDogma wrote (a dig against the bank's $6 billion loss by a firm trader known as the "London Whale.")
- "Whoever thought of #AskJPM will surely face more internal scrutiny and punishment at JPM than anyone who committed fraud or other crimes," @AlexisGoldstein said.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV