JP Morgan cancelled a Twitter Q&A with a senior staff member after receiving a barrage of negative messages from users of the social media site.
The bank had planned to enable the public to tweet questions to JP Morgan’s vice chairman Jimmy Lee at 1pm ET on Thursday, through the use of the #AskJPM hashtag.
Hours later the bank had reversed its decision after large volumes of abusive responses were posted, tweeting from its official account: “Tomorrow's Q&A is cancelled. Bad Idea. Back to the drawing board.”
JP Morgan is currently facing a record $13 billion (£8 billion) fine for mis-selling bad mortgage debts to investors prior to the 2008 financial crash. It is also under scrutiny for billions of dollars of losses as part of the ‘London Whale’ trading scandal, over the alleged manipulation of commodities.
Twitter members used the #AskJPM hashtag to direct abusive messages at the company, which has over 9,000 followers on its account.
Liam Doyle (@Doyle_liam) tweeted: “#AskJPM what kind of hounds do you keep on your country estate to release whenever any poor people get too close?”
Another, Paul W (@whatsamatta_u), asked: “Are you surprised that people hate you, or how much they hate you? #askJPM”
Messages continued to be posted to the site after the Q&A was cancelled, with some highlighting the bank's failed attempt to embrace social media as a PR tool.
Doug Price (@oDugPrice) tweeted: “#AskJPM is the greatest social media fiasco ever contrived. A lesson in being completely self unaware of public perception.”
Last month another company, British Gas, also failed in its attempts to embrace Twitter through an online Q&A. The energy provider faced a storm of criticism from the UK public over plans to increase gas prices by 9.2 percent.