JP Morgan is preparing to ban its employees from using any type of online messaging service other than traditional email.
Through this ban, the bank aims to prevent its traders from posting incriminating information online.
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The ban is expected to be formalized as soon as this week and is likely to include services such as Bloomberg’s messaging platform, which has long been a support of bankers’ communication.
JP Morgan has been considering such a move following a series of thorny legal cases against banks, in which regulators have homed in on instant messaging services as potential evidence.
The move has come after further regulatory pressure was placed on banks, who were involved in rigging Libor and currency exchange rates.
According to a recent investigation conducted by the UK Financial Conduct Authority chat rooms had been used for some time by traders from different banks.
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By GlobalDataDeutsche Bank has already stopped groups of traders from chatting online and other firms, including Citigroup, Barclays, UBS and the Royal Bank of Scotland are reported to be considering bans of their own.
