Democratic presidential candidate Sen. Elizabeth Warren (D-Mass) led criticism of JPMorgan Chase, the country’s largest bank, after it attempted to offer financial advice to struggling customers Monday.
.@Chase: why aren’t customers saving money?
— Elizabeth Warren (@SenWarren) April 29, 2019
Taxpayers: we lost our jobs/homes/savings but gave you a $25b bailout
Workers: employers don’t pay living wages
Economists: rising costs + stagnant wages = 0 savings
Chase: guess we’ll never know
Everyone: seriously?
#MoneyMotivation pic.twitter.com/WcboMr5MCE
Details: The bank was roundly criticized on Twitter for its attempt at being relatable on social media. In a series of Twitter posts, Rep. Katie Porter (D-calif.) called for JPMorgan Chase CEO Jamie Dimon to apologize for the tweet. "And if this tweet does reflect Mr.Dimon’s views, an apology won’t cut it. Might be a #TimetoRetireThursday," she added.
Why it matters: America's big banks are facing heightened scrutiny in Congress. At a House Financial Services Committee hearing this month, Porter challenged Dimon, asking the billionaire how a single mother working as a Chase bank teller should budget her salary, after taking into account the cost of child care and other expenses.
What they're saying: JPMorgan Chase later deleted the tweet and addressed the controversy in a follow-up Twitter post.
Our #MondayMotivation is to get better at #MondayMotivation tweets. Thanks for the feedback Twitter world.
— Chase (@Chase) April 29, 2019
