Article | 07.15.22
Wall Street Texting Habit Sticks Banks With Rare $1 Billion Bill
Regulators are poised to extract about $1 billion in fines from the five biggest U.S. investment banks over failures to monitor employees using unauthorized messaging apps. Morgan Stanley disclosed on Thursday that it expects to pay a $200 million fine, the same amount JPMorgan Chase paid as authorities use that settlement as a yardstick for the industry. Citigroup, Goldman Sachs and Bank of America also have had advanced discussions with the regulators to each pay a similar figure, according to insiders. The grand total represents a rare escalation from regulators looking into such an issue, with fines tending to be significantly lower in the past.
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