Morgan Stanley fined some of its own bankers more than $1 million for conducting business on WhatsApp and other messaging platforms, the Financial Times reported, citing unidentified people briefed on the matter.
(Bloomberg) — Morgan Stanley fined some of its own bankers more than $1 million for conducting business on WhatsApp and other messaging platforms, the Financial Times reported, citing unidentified people briefed on the matter.
The penalties range from a few thousand dollars to more than $1 million per person, based on a points system that considers factors including the seniority, number of messages sent and whether they were issued prior warnings, according to the FT. The funds have either been clawed back from previous bonuses or will be docked from future pay, the newspaper said.Â
Morgan Stanley was among major banks that were slapped with hefty penalties last year by US regulators for failing to monitor employees’ communications on unauthorized messaging apps. Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct.
The US bank now gives employees training sessions explaining scenarios when they should shift conversations on personal devices to official platforms such as their work email, according to the FT.
Morgan Stanley declined to comment to the FT.Â
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.