UBS Bankers Raise Chat Group Concerns, Judge Revives JPMorgan Lawsuit

UBS Fractured

Senior bankers at UBS have raised concerns about using Bloomberg and other external chat groups to share confidential information about clients, in the latest sign of banks clamping down on online security.

The Financial Times reports that bankers were warned on Friday to avoid putting information about clients on external platforms, with one senior banker requesting that a Bloomberg chat group used by employees in the bank’s foreign exchange division be closed down, according to a member of the group.

Accorsing to the newspaper, traders, sales people and analysts have been asked to use UBS’s own internal chat groups instead to share confidential information in a move aimed at protecting the banks’ clients, the member said. UBS declined to comment.

UBS bankers raise concerns about chat groups (subscriber content)

In the meantime, Reuters reports that a U.S. federal judge has revived a closely watched lawsuit accusing JPMorgan Chase & Co of misleading Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt.

Citing a recent federal appeals court decision involving American International Group and Bank of America, U.S. District Judge Jed Rakoff in Manhattan said he had lacked jurisdiction when he decided on April 2 to throw out much of Dexia's lawsuit against JPMorgan.

U.S. judge revives Dexia's mortgage lawsuit versus JPMorgan

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts