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Market
JPMorgan Chase Pulls Social Media Q&A, Didn't Like the Questions
NEW YORK (11/15/13)--While credit unions have seen great success with social media campaigns and Tweet Tuesdays such as Don't Tax My Credit Union,  that's not the case for one huge bank whose attempt to use social media backfired into a public relations nightmare.
 
JP Morgan Chase & Co. late Wednesday cancelled a Twitter live Q&A forum it had scheduled for Thursday under its #AskJPM Twitter hashtag when Twitter users began inundating the hashtag with the type of questions many banks--especially one that has been the target of several Justice Department investigations--wouldn't want to answer.
 
JP Morgan had tweeted at 10:16 a.m. Wednesday: "Tomorrow at 1pm ET $JPM Vice President Jimmy Lee takes over @JPMorgan to answer your questions for 1 hour. Tweet your Q early using #AskJPM" (Marketplace.org Nov. 14). The online forum was intended to give college students the opportunity to communicate director with a JPM senior executive (Bloomberg.com Nov. 14).
 
Instead, the hashtag drew ridicule from thousands of tweeters. It drew more than 6,000 responses from tweeters in the first six hours, according to Topsy, the social media tracking service. As of 10 a.m. ET Thursday, more than 24,000 posts, many with snarky comments.
 
When News Now checked the bank's hashtag just after 8 p.m. ET Thursday, comments were still pouring in. The hashtag had received at least 50 negative comments in the past 30 minutes. Comments included:
  • "I'm fairly certain your PR department failed to realize how much you are HATED";
  • "Are borrowers credit ratings, proof of income and assets used to evaluate loan risk or to determine how much you can steal?" and
  • "Is this the type of brilliant marketing idea that makes JPMorgan Execs so much richer and more highly valued than us commoners?"
 


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