J.P. Morgan CEO: Our lawyers don't get Facebook, Twitter

J.P. Morgan CEO Jamie Dimon kind of likes Twitter and Facebook for corporate purposes. The compliance department is sweating.

J.P. Morgan CEO Jamie Dimon is a fan of tools like Facebook and Twitter at his bank, but the compliance folks are freaking out.

Dimon explained how he was looking at Facebook and Twitter with his team of lawyers and noted how both social networking tools could come in handy for customer support and other bank chores.

"I told my lawyers that if they invented the phone today we wouldn't use it for 20 years," quipped Dimon. "Bosses have to take that chance (on new technologies)."

Dimon, speaking at the IBM Think conference in New York, was speaking about the limits of the alphabet soup of regulations financial services firms have. It's not that banks really want to block its workers from using Facebook internally---even though employees do on their smartphones anyway---but compliance dictates restrictions.

Of course, lawyers can't control everything. It's likely that Dimon will win his tug of war with his legal team with the appropriate caveats.