US regulators fined 16 financial firms a combined $1.8 billion for letting their staff discuss deals and trades on their personal devices and apps.
The firms include Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, Nomura, and UBS.
The industry probe resulted in a collective resolution made by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The authorities claimed that from January 2018 to September 2021, employees of the banks habitually talked with coworkers, clients, and other third-party advisers about business concerns such as debt and equity dealings using personal messaging apps like WhatsApp and SMS messages.
Most of those personal chats were not preserved by the institutions, in violation of federal regulations requiring broker-dealers and other financial organizations to maintain business correspondence. The authorities claimed that this made it more difficult for them to monitor the financial markets, guarantee adherence to important regulations, and acquire information for unrelated investigations.
According to the SEC, personnel at all levels, including senior and junior investment bankers and traders, were implicated in the failures, which affected all 16 organizations.
Although Bank of America and Nomura did not explicitly confirm or deny all of the CFTC's investigative findings, the companies' admission of the facts and admission that they broke the law was a significant triumph for the agencies, it added.


Dollar Slumps to Four-Year Lows as Trump Shrugs Off Weakness, Fueling Confidence Crisis
Elon Musk Reportedly Eyes June 2026 SpaceX IPO Timed With Planetary Alignment and Birthday
Investors Brace for Market Moves as Trump Begins Second Term
U.S. Stock Futures Rise as Trump Takes Office, Corporate Earnings Awaited
South Korea Industry Minister Heads to Washington Amid U.S. Tariff Hike Concerns
Reliance Industries Surges on Strong Quarterly Profit, Retail Recovery
Copper Prices Hit Record Highs as Metals Rally Gains Momentum on Geopolitical Tensions
Insignia Financial Shares Hit 3-Year High Amid Bain and CC Capital Bidding War
Oil Prices Hit Four-Month High as Geopolitical Risks and Supply Disruptions Intensify
BYD and Exxon Mobil Strengthen Hybrid Technology Partnership
S&P 500 Surges Ahead of Trump Inauguration as Markets Rally
DOJ Urges Judge to Block Lawmakers’ Bid for Special Master in Jeffrey Epstein Records Case
Do investment tax breaks work? A new study finds the evidence is ‘mixed at best’
How the UK’s rollback of banking regulations could risk another financial crisis
U.S. Condemns China's Dominance in Global Shipbuilding and Maritime Sectors
Brazil Supreme Court Orders Asset Freeze of Nelson Tanure Amid Banco Master Investigation
Infosys Shares Drop Amid Earnings Quality Concerns 



