News

Law

Asset Management

Investment Banking

Crypto

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

Wall Street pays $1.8bn in fines after traders use banned messaging apps

Eleven banks and brokerages admit they violated rules that require storage of written communications

Wednesday, 28 September 2022 at 06:15

Eleven of the world’s largest banks and brokerages will collectively pay $1.8bn in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, US regulators said on 27 September.

The firms include brokerage units of Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, UBS and Nomura.