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No, it's correct. There's no reason to use WhatsApp, and all reason not to use WhatsApp, except if you want to avoid oversight. Working in finance, in general,

by tomp 5y ago

No, it's correct. There's no reason to use WhatsApp, and all reason not to use WhatsApp, except if you want to avoid oversight. Working in finance, in general, isn't "good user experience". Compliance manuals (reread yearly!), compliance training (e.g. anti-money laundering even for employees that have no contact with any cash, bank accounts or clients), trading oversight/restrictions, ... But people do it because it is (might be) worth the money. "All communication must be recorded" is the least of these nuisances. People who avoid it are doing so willingly, for a reason. Edit: Also, judging by the title, this is next level bad: JPMorgan "letting" means they knew and didn't do anything against it (e.g. fire employees or report them to the authorities). Normally the punishment for these kinds of things is severe, you can easily get "cannot ever work in finance again" by the regulator.

kolbe 5y ago
This is all very incorrect, and I am surprised someone so intelligent and literate would ignore the obvious flaws in an argument like this. (1) all of your evidence comes from the prosecution side of a legal argument. None of their claims were litigated in court. And you should know better than to think lawyers defending their clients make honest accusations. (2) there are tons of good reasons to use WhatsApp. It’s the most used digital messaging platform in the world. Are all JPM employees supposed to just cut off communication with their European friends? Never talk to anyone from a country worried about spying and thus using encrypted messaging? It’s shocking to me how quickly smart people on HN can forget about the virtues of encrypted messaging the moment Big Brother sticks a bank with a fine and makes insinuations that they maybe could have maybe been using it to make money in an unsavory manner.
- tomp 5y ago
  Obviously they can use WhatsApp to discuss personal matters. That's not what this is about, according to the article: > Even the managers and senior personnel responsible for compliance used their personal devices to communicate sensitive business matters, the SEC said.
- simonh 5y ago
  You are deeply, profoundly misguided on this. The regulations on communications in finance, and what kinds of communications are covered by these restrictions and which aren’t, are clear and well understood in the industry.
- detaro 5y ago
  > Are all JPM employees supposed to just cut off communication with their European friends? Never talk to anyone from a country worried about spying and thus using encrypted messaging? What has "don't use Whatsapp for business communication, ever!" to do with "cut off communication with their friends"?!
  - kolbe 5y ago
    Because life and business do not have clear delineations. The rule at my company became never use these communication tools at work: except work for investment bankers is 100 hours a week, except your friends and coworkers become the same people, except business is everywhere, so it's impossible to have a conversation that isn't at least business related when everyone you know wants to talk about the stock market.

by tomp 5y ago

kolbe 5y ago

This is all very incorrect, and I am surprised someone so intelligent and literate would ignore the obvious flaws in an argument like this. (1) all of your evidence comes from the prosecution side of a legal argument. None of their claims were litigated in court. And you should know better than to think lawyers defending their clients make honest accusations. (2) there are tons of good reasons to use WhatsApp. It’s the most used digital messaging platform in the world. Are all JPM employees supposed to just cut off communication with their European friends? Never talk to anyone from a country worried about spying and thus using encrypted messaging? It’s shocking to me how quickly smart people on HN can forget about the virtues of encrypted messaging the moment Big Brother sticks a bank with a fine and makes insinuations that they maybe could have maybe been using it to make money in an unsavory manner.

tomp 5y ago
Obviously they can use WhatsApp to discuss personal matters. That's not what this is about, according to the article: > Even the managers and senior personnel responsible for compliance used their personal devices to communicate sensitive business matters, the SEC said.
simonh 5y ago
You are deeply, profoundly misguided on this. The regulations on communications in finance, and what kinds of communications are covered by these restrictions and which aren’t, are clear and well understood in the industry.
detaro 5y ago
> Are all JPM employees supposed to just cut off communication with their European friends? Never talk to anyone from a country worried about spying and thus using encrypted messaging? What has "don't use Whatsapp for business communication, ever!" to do with "cut off communication with their friends"?!
- kolbe 5y ago
  Because life and business do not have clear delineations. The rule at my company became never use these communication tools at work: except work for investment bankers is 100 hours a week, except your friends and coworkers become the same people, except business is everywhere, so it's impossible to have a conversation that isn't at least business related when everyone you know wants to talk about the stock market.