JPM’s Surveillance Unit
Things that make you go Hmm…
Rogue institutions have surveillance programs and now Jamie Dimon approves a surveillance program?
Thus, when they ask us to believe their newest tale of a software algorithm that can police their bankster activities and rout out the latest rogue trader, we call BALDERDASH!
It is highly probable that the “predict patterns of behavior” spyware, A.I., will be capable of compiling a hit list and be part of a international spy network identifying espionage targets, or potential snitches, and do-gooders for termination. After-all, the whistleblowers are a risk to their nefarious plans. ~Ron
Fox guarding the hen house…
Balderdash, JP Morgan!
Posted 9 Apr 2015
JPMorgan Algorithm Knows You’re a Rogue Employee Before You Do
JP Morgan Banking on Tech to Curb Legal Costs
Wall Street traders are already threatened by computers that can do their jobs faster and cheaper. Now the humans of finance have something else to worry about: Algorithms that make sure they behave.
JPMorgan Chase & Co., which has racked up more than $36 billion in legal bills since the financial crisis, is rolling out a program to identify rogue employees before they go astray, according to Sally Dewar, head of regulatory affairs for Europe, who’s overseeing the effort. Dozens of inputs, including whether workers skip compliance classes, violate personal trading rules or breach market-risk limits, will be fed into the software.
“It’s very difficult for a business head to take what could be hundreds of data points and start to draw any themes about a particular desk or trader,” Dewar, 46, said last month in an interview. “The idea is to refine those data points to help predict patterns of behavior.”
JP Morgan’s surveillance program, which is being tested in the trading business and will spread throughout the global investment-banking and asset-management divisions by 2016, offers a glimpse into Wall Street’s future.
[Read full report]
You know times are weird on Wall Street when JPMorgan CEO Jamie Dimon devotes a good chunk of his shareholder letter, released yesterday, to fretting about whether there will be enough Treasury notes to go around in a safe haven stampede during the next crisis. –wall street parade