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JPMorgan accuses Bloomberg reporters of spying on 'confidential client data'

New York, May 11 : America's biggest bank, the JPMorgan Chase has accused reporters from media giant Bloomberg LP of using confidential client data to keep tabs on the bank's employees and get the inside track on stories.


The bank became the second Wall Street firm after Goldman Sachs to raise concerns that the financial news and data giant had spied on its employees, New York Post reports.

According to the report, JPMorgan had suspected earlier this year that Bloomberg reporters had collected information from their terminals to track executives caught up in the bank's trading blunder.

Although the firm admitted that it was a mistake to allow its reporters access to customer data that was not available to its clients, a Bloomberg spokesman however, said that the company did not receive a complaint from the bank.

The firm also said that its reporters never had access to client messages or market-moving information, such as trading portfolios, adding that they believe in the proper safeguarding of customer data.

According to the report, Goldman discovered that Bloomberg staffers could determine not only which of its employees had logged into Bloomberg's terminals but also how often they used certain functions.

Bloomberg is the most widely used data and news feed among major Wall Street firms and generates more than USD 6 billion in annual revenues, the report added.

--ANI (Posted on 11-05-2013)

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