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JPMorgan Fires Credit Trader and Cuts Staff Bonuses for WhatsApp Use

Photographer: Andrew Harrer/Bloomberg

JPMorgan Chase & Co. punished more than a dozen traders for using WhatsApp at work, firing one and cutting bonus payments for the rest.

Edward Koo, who had spent almost 20 years at the firm and was put on leave in January, was formally dismissed after JPMorgan concluded he broke company rules by creating a WhatsApp group and using it to discuss market chatter with other trading employees, according to people with knowledge of the matter.