Biggest Banks Nearing $1 Billion Settlement Over Traders’ Use of WhatsApp, Other Banned Messaging Apps


WASHINGTON—A lot of Wall Avenue’s greatest banks are nearing agreements to pay as a lot as $200 million every and admit that their workers’ use of non-public messaging apps equivalent to WhatsApp violated regulatory necessities, based on individuals accustomed to the matter.

The entire quantity of fines will possible high $1 billion, the individuals mentioned, and can be introduced by the top of September. The roster of banks poised to pay $200 million every contains Financial institution of America Barclays Citigroup Deutsche Financial institution Goldman Sachs Group and Morgan Stanley and UBS Group the individuals mentioned. Jefferies Monetary Group and Nomura Holdings are nearing settlements with regulators however pays decrease fines, reflecting their smaller dimension, the individuals mentioned.


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