Citi Seeks Lawyer for Social Media
Bank Technology News | November, 2010
Citigroup’s got big plans for sites such as Twitter and Facebook, big enough to keep a lawyer on staff to ensure all the “I’s” are dotted and the “T’s” are crossed in terms of compliance and liability.
The bank has posted a job listing for a lawyer to cover media sites such as company Web sites, Twitter accounts and YouTube. The lawyer will be responsible for leading the establishment of a legal risk framework for the bank’s social media efforts; working with business counsel to ascertain approval of content; consolidating legal issues presented in content submissions for the social media sponsor; helping establish processes for vetting and replying to comments in interactive environments and promoting consistency of policy; protecting the bank’s intellectual property in social media; and helping to draft contracts with third parties such as social media providers and content sources.
And as social media grows across finance, regulation is sure to follow. FINRA has already issued guidance for advertising content and other postings for securities firms. And banks are also grappling with issues such as how to handle criticisms posted on social media sites as part of brand management, and how to formulate policies for employee use.
The bank, which didn’t respond to a request for comment by presstime, has been increasing its presence in social media, becoming active on Facebook—a U.S. banking page launched on the site in the past several days attracted more than 7,000 fans in one day. It’s also using Twitter as part of customer support. And the bank recently hired Frank Eliason, a Twitter expert while at Comcast, to help lead social media efforts.
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