Banking Law News

JPMorgan Fires Credit Trader, Cuts Staff Bonuses on WhatsApp Use

April 8, 2020, 8:16 PM

JPMorgan Chase & Co. punished more than a dozen traders for using WhatsApp at work, firing one and cutting bonus payments for the rest.

Edward Koo, who had spent almost 20 years at the firm and was put on leave in January, was formally dismissed after JPMorgan concluded he broke company rules by creating a WhatsApp group and using it to discuss market chatter with other trading employees, according to people with knowledge of the matter.

Koo traded corporate bonds and credit derivatives. The cut to bonuses sparked outrage among subordinates who followed Koo’s lead in using the channel,...

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