JPMorgan Chase is mulling a new online chat system to replace Bloomberg LP’s instant-messaging function amid concerns about a privacy breach, The Post has learned.
JPMorgan is eyeing a chat service that is still the early stages of development and is a collaboration between Thomson Reuters and data provider Markit, sources said.
Several big banks are toying with offering their workers a chat function separate from Bloomberg’s terminals for both cost and security reasons.
Such plans could crimp Bloomberg’s bottom line just as the financial news and data giant is trying to assuage concerns about its reporters snooping on clients through the company’s ubiquitous terminals.
Bloomberg customers typically pay $20,000 to rent a terminal that offers a vast array of functions, including the popular chat feature.
Some financial clients, however, are finding that their workers are primarily using the Bloomberg terminal for the chat function and are exploring cheaper options.
The Financial News reported that Deutsche Bank and Goldman Sachs are also considering using the Reuters/Markit collaboration chat function, dubbed the Open Federated Chat Initiative.
Sources said the chat function would allow users to instant message both internally and externally through secure networks.
A person familiar with JPMorgan’s thinking said the idea is in the early stages and no agreement has been signed.
A spokesman for Markit would not comment on any of the company’s products. A JPMorgan spokeswoman declined to comment.
mdecambre@nypost.com