JPMorgan cancels Twitter Q&A session

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JPMorgan Chase has pulled the plug on a Twitter question-and-answer session after being slammed with jokes and insults.

"Tomorrow's Q&A is cancelled. Bad Idea. Back to the drawing board," the company tweeted late Wednesday evening.

The bank announced the Q&A session last week, asking Twitter users to submit questions using the hashtag #AskJPM. Veteran investment banker, Jimmy Lee, was scheduled to answer the questions Thursday at 1 p.m.

This comes shortly after JPMorgan reached a tentative deal with the Justice Department to pay a record $13billion over its sale of troubled mortgage securities.

Some Twitter users took the opportunity to ask questions about the legal troubles, but many simply made fun of the attempt to use social media.

"Reading the #AskJPM Twitter feed makes it seem JPM put a 'kick me' sticker on its back when it rolled out that hashtag," wrote a user who identified himself as an editor and columnist.

A woman called Charlotte mocked the bank's attempt at social media outreach as an "epic derailment" and asked: "Is it true that, while you don't always spit on poor people, when you do, you have perfect aim?"

A blogger and online journalist asked about the scale of the bank's alleged wrongdoing in electric energy trading compared with that in its sales of mortgage securities. Another user known as "Guerrilla Educator" asked if anyone in Lee's family had ever been foreclosed upon.

The company's tweets last week said Lee had been part of Wall Street's biggest deals and had worked with Dell Inc and General Motors. The tweets said Lee would "answer your questions on leadership and life."

JPMorgan was an underwriter of Twitter's recent initial public offering of stock.

CNBC contributed to this report.