World Unemployed because of WhatsApp: US bank fires 2 top dealers
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The US bank Morgan Stanley has separated from two high-ranking executives. Your offense: You communicated via WhatsApp.
Morgan Stanley wants to have full control over the communication of its employees and enforces this claim tough. The top executives Nancy King and Jay Rubinstein felt this now.Uncritical information on Whatsapp becomes critical for top bankers
As thereports, the two high-ranking commodity experts exchanged information via Whatsapp. An internal investigation had shown that the two were not guilty of any misconduct. The information was apparently not critical.
Unemployment was supposed to be temporary. Now, it’s permanent for almost 4 million
Unemployment spells are becoming longer and are less likely to be temporary in nature, meaning the U.S. is trending toward a riskier period of joblessness.But nearly 13 million remain unemployed — about 7 million more workers than pre-pandemic levels.
Nevertheless, Morgan Stanley reacted uncompromisingly and suggested that the two employees leave the company. Nancy King, head of raw materials, worked for the bank for 34 years, and chief raw materials trader Jay Rubinstein was part of the workforce for 13 years.
Morgan Stanley and other Wall Street banks only allow communication channels for professional exchange that they can monitor seamlessly. Messenger with end-to-end encryption are not included. The mere use of such a service should already constitute a reason for termination.Wall Street only allows legible communication channels
At the beginning of this year, a JP Morgan banker had already lost his job for a similar reason, and others were released from trading on the stock exchange. In this case, however, the banker had run a WhatsApp group with other bankers and actually had financial market talks about it.
Opaque financial communication is one of the issues that regularly causes problems on Wall Street. Banks therefore prefer to use tools such as the text chat feature of the Bloomberg exchange platform. The archives the chats and allows later search access. There is now even an AI-based tool that automatically scans the Wall Street chats.
What do Google, banks and chicken salad have in common? .
The Google case is sure to be fought somewhere between the real world, cyberspace and the rules of behavioral science . And outside-the-box arguments and defenses will likely reshape antitrust enforcement for years to come. © Getty What do Google, banks and chicken salad have in common? Relative to that reshaping, some commenters suggest that antitrust enforcement efforts focused on technology companies may spill over onto banks. Perhaps, but that won't change the bottom line that bank mergers are hard to classify as anticompetitive given that entities like the U.S.