•   
  •   
  •   

World Unemployed because of WhatsApp: US bank fires 2 top dealers

16:06  21 october  2020
16:06  21 october  2020 Source:   t3n.de

Alleged serial arsonist arrested, suspected of starting dozens of fires

  Alleged serial arsonist arrested, suspected of starting dozens of fires Investigators say the suspect's car was spotted at multiple arson-fire scenes. The suspect, 28-year-old Joshua Rauch, was arrested on Saturday after arson investigators scouring surveillance video spotted Rauch's car at the location of some of the fires, giving them enough probable cause to get approval from the Harris County District Attorney's office to place an electronic tracking device on his vehicle to follow his movements, officials said at a news conference.

The US bank Morgan Stanley has separated from two high-ranking executives. Your offense: You communicated via WhatsApp.

Whatsapp kann zu Arbeitslosigkeit führen – zumindest an der Wallstreet. © Shutterstock Whatsapp can lead to unemployment - at least on Wall Street.

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 the Financial Times reports, 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 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 for critical content .

Matching: Wolf of Wall Street: How Jordan Belfort gave us the free internet

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.

usr: 32
This is interesting!