JPMorgan’s Deleted Financial Advice Tweet Invites Backlash from Lawmakers
A tweet that JPMorgan Chase’s social media team likely thought was light and funny financial advice has gone viral — but probably not in the way the company intended.
On Monday, under the hashtag #MondayMotivation, JPMorgan tweeted an imaginary conversation between a customer wondering why their account balance is so low and their bank account, which suggests making coffee at home, eating food that’s already in the fridge and skipping the taxi, the Washington Post writes. The bank’s Twitter account has 365,000 followers, and apparently the response was enough for JPMorgan to delete the tweet less than three hours later, which proved far too late for it to disappear, according to the paper.
The tweet followed an exchange between JPMorgan chief executive Jamie Dimon and Rep. Katie Porter, D-Calif., at a hearing last month, in which the freshman congresswoman asked Dimon — who earned $31 million in 2018 and is worth $1.4 billion, according to Forbes — how a mother with one child is expected to make ends meet on the bank’s minimum wage, which is currently $16.50 per hour, the Post writes. According to Porter, if the mother worked full-time at JPMorgan, she would be in the red $500 at the end of each month, taking into account child care and other expenses, according to the paper. Following the bank’s “make your own coffee” tweet, Porter shot back, the Post writes.
“Hey @Chase, try paying your workers more. Families aren’t spending frivolously; they’re trying to pay rent,” she said on Twitter, according to the paper. Dimon should apologize, Porter said, but “if this tweet does reflect Mr. Dimon’s views, an apology won’t cut it. Might be a #TimetoRetireThursday,” according to the Post.
Sen. Elizabeth Warren, D-Mass., meanwhile, tweeted back reminding her followers that JPMorgan was the recipient of a $25 billion bailout during the financial crisis, the paper writes.
“@Chase: why aren’t customers saving money?” she tweeted, according to the Post. “Everyone: seriously?”