Morgan Stanley handed hit monetary penalties to staff utilizing messaging platforms comparable to WhatsApp and others for official business, the Financial Times reported Thursday.
The penalties have been between a couple of thousand {dollars} to over $1 million per worker and have been decided based mostly on components such because the variety of messages despatched, seniority and whether or not they had already obtained warnings, amongst others, the newspaper reported citing folks briefed on the matter.
Morgan Stanley didn’t instantly reply to a Reuters request for remark outdoors business hours.
The transfer comes after the lender had agreed to pay $200 million to the U.S. Securities and Exchange Commission (SEC) in 2021 to resolve probes into worker communications on messaging platforms that had not been authorized by the corporate.
The SEC and Wall Street’s self-regulatory physique – the Financial Industry Regulatory Authority – require broker-dealers to maintain data of all business-related communications, and the SEC has been wanting into whether or not lenders have been conserving monitor of staff’ digital communications.
In 2020, Morgan Stanley fired two prime executives because of the unauthorized use of WhatsApp to debate work issues.
Source: www.dailysabah.com
