In a move to seek data from Bloomberg LP, JPMorgan Chase & Co. (NYSE:JPM) sent a letter to the financial news and information company asking it to reveal details of its employees since 2008 who used the company’s data terminal. It had been reported that the employees of Bloomberg LP had used the data terminals of JPMorgan Chase & Co. (NYSE:JPM) to search for activities of its subscribers.
Letter sent to Bloomberg LP seeking explanation
The letter sent by JPMorgan Chase & Co. (NYSE:JPM) to the senior executive at Bloomberg LP also asks for the roles and designations of such employees in addition to an assurance that the Bloomberg employees are not any more using such inappropriate access to subscribers.
JPMorgan Chase & Co. (NYSE:JPM) had earlier expressed concern that the employees of Bloomberg LP are inappropriately using the company’s terminals for the news gathering process. The onus now lies on Bloomberg LP to repair any potential damage that could occur to its reputation following such letters from its clients.
This move by JPMorgan Chase & Co. (NYSE:JPM) to send a letter to Bloomberg LP proves to be first formal action by any firm on Wall Street after reports on the journalists’ use of data came to light. Other firms might also take suit to send such formal actions against the financial news and information company, though few other banks are already involved in informal talks with Bloomberg LP seeking explanations.
