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.


U.S. Stock Futures Rise as Trump Takes Office, Corporate Earnings Awaited
Wikipedia Pushes for AI Licensing Deals as Jimmy Wales Calls for Fair Compensation
S&P 500 Surges Ahead of Trump Inauguration as Markets Rally
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data
Netflix Nearing Major Deal to Acquire Warner Bros Discovery Assets
Afghan Suspect in Deadly Shooting of National Guard Members Faces First-Degree Murder Charge
Tunisian Opposition Figure Chaima Issa Arrested Amid Rising Crackdown
Airbus Faces Pressure After November Deliveries Dip Amid Industrial Setback
U.S. Condemns China's Dominance in Global Shipbuilding and Maritime Sectors
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth
Insignia Financial Shares Hit 3-Year High Amid Bain and CC Capital Bidding War
Amazon Italy Pays €180M in Compensation as Delivery Staff Probe Ends
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity
Investors value green labels — but not always for the right reasons
UPS MD-11 Crash Prompts Families to Prepare Wrongful Death Lawsuit
SoftBank Eyes Up to $25B OpenAI Investment Amid AI Boom
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 



