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Goldman Sachs, Morgan Stanley, UBS set to face $1bn fines over banned messaging app use by traders
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fnlondon.comMany of Wall Street’s biggest banks are nearing agreements to pay as much as $200m each and admit that their employees’ use of personal messaging apps such as WhatsApp violated regulatory requirements, according to people familiar with the matter.
The total amount of fines will likely top $1bn, the people said, and will be announced by the end of September. The roster of banks poised to pay $200m each includes Bank of America, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS, the people said.
Jefferies and Nomura are...
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