Tuesday, September 14, 2010

Egg on face at JPMorgan Chase

JPMorgan Chase's internet and ATM consumer banking system has been down for the entire day. There is still no explanation and no functionality. This is both amazing and frightening. Amazing since it seems that a strong and capable bank like JPM would have mulitple back up systems and the best talent available. Frightening since last night I read the article on Sean Parker in the new edition of Vanity Fair and became more aware of what someone with his skills(co-founder of Napster at 19 and of Facebook at 25) can do if they go to the dark side.

Almost 17 million JPMChase customers are without access except by branch locations, which must be crazed, and by phone, which should probably have a suicide watch choice(touch 4) for both operators and customers. There is not yet even an attempt at communication about the problem other than CEO Jamie Dimon acknowledging the problem and expressing concern about the inconvenience. One could guess that the job of retail technology head is not one that feels too secure this evening.


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