New: A weekly newsletter about the trends shaping cities

Stories

Warren attacks JPMorgan Chase for financial advice tweet to customers

Democratic presidential hopeful Elizabeth Warren was scathing in her criticism for JPMorgan Chase.
Sen. Elizabeth Warren (D-Mass). Photo by Ethan Miller/Getty Images

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.

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.