NEW YORK, Sept 28 — US regulators yesterday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS, a combined US$1.8 billion after staff discussed deals and trades on their personal devices and apps.
The institutions did not preserve the majority of those personal chats, violating federal rules which require broker-dealers and other financial institutions to preserve business communications. That impeded the agencies’ ability to oversee financial markets, ensure compliance with key rules, and gather evidence in other, unrelated investigations, the agencies said.
The failings occurred across all 16 firms and involved employees at multiple levels, including senior and junior investment bankers and traders, the SEC said. According to CFTC Commissioner Christy Goldsmith Romero, staff used personal apps to evade oversight, sometimes at the direction of senior executives who knew they were violating bank policies but wanted to obfuscate trading communications.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaysiakini - 🏆 20. / 51 Read more »
Source: malaysiakini - 🏆 20. / 51 Read more »
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »