JP Morgan will next week debut on Instagram and also has plans to introduce a Snapchat filter for the first time in the UK, as part of a social media push by the Wall Street bank to boost its appeal to millennials.
JP Morgan is launching a dedicated Instagram account for its global investment banking and asset management businesses, according to a person close to the initiative, following in the footsteps of its retail division Chase, which has 18,000 followers on the photo-sharing site.
A number of JP Morgan’s US peers, including Morgan Stanley and Bank of America, have Instagram pages, although no others seem to have an account dedicated specifically to their investment banks. Goldman Sachs, one of JP Morgan’s closest rivals, does not have a presence on the site.
But JP Morgan’s Instagram debut – which will boast photos taken professionally alongside images taken by the bank’s employees – is not its only social media move expected next week.
Coinciding with the arrival of 500 summer interns at its London offices, JP Morgan will also introduce its own geofilters on the instant messaging service Snapchat for the first time in the UK. The geofilter – an overlay message or design that users can place onto their photos – is aimed at the new pool of City interns, and will be used during networking activities.
It will likely be a London city skyline with a reference that the user is starting his or her career at JP Morgan that day, the person said.
The use of Snapchat in London comes after the bank in May used ads and geofiltered images declaring “Congrats Class of 2016!” to target students during graduation weekends in the US. It now plans to use similar filters on campuses across the UK.
At the time, Kristin Lemkau, chief marketing officer at JP Morgan Chase, told Financial News: “Students are living in Snapchat. The goal is to get them to think about a career at JP Morgan Chase and come visit our careers website”.
Many banks already have active Facebook, Linkedin and Twitter accounts, but are now trying to get up to speed with newer social media. Goldman Sachs started advertising on Snapchat last year, while Lemkau claims that JP Morgan was the first bank on live video-streaming app Periscope.
“We want to reach our clients wherever they are, and with four billion social accounts globally, clearly that’s where they are,” she told FN.