Ever suspected bankers could just use WhatsApp comms? $1.8b says you're right
Ever given a colleague a quick Signal call so you can sidestep a monitored workplace app? Well, we'd hope you're not in a highly regulated industry like staff at eleven of the world's most powerful financial firms, who yesterday were fined nearly $2 billion for off-channel comms.
The companies yesterday admitted their staff, including senior investment bankers and equity traders, regularly shot the breeze on WhatsApp and other"unapproved" private channels. SEC chair Gary Gensler said in a statement:"Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust."
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