Wall Street’s largest total revenue bank, JPMorgan Chase, has been fined a record $ 200 million for allowing employees to use WhatsApp chat to communicate with customers. , citing a statement from the bank.
Following investigations by the US Securities and Exchange Commission (SEC) and the Futures Trading Commission, JPMorgan has officially acknowledged that, at least since 2015, its employees have been using their personal mobile devices to send texts, WhatsApp messages and emails. to communicate with customers on sensitive business issues.
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This is a violation of US federal law, which requires all financial institutions to keep records of customer communications so that regulators can check whether companies are violating anti-fraud or antitrust laws.
However, JPMorgan found that even managers and senior law enforcement officials used personal devices to discuss a range of business issues, including investment strategies, customer meetings and market surveillance.
The bank will now have to pay the SEC a $ 125 million fine. At the same time, the Commodity Futures Trading Commission fined JPMorgan another $ 75 million. The bank’s securities department admitted the violations and agreed to pay, but without commenting on the matter.
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JPMorgan has filed a lawsuit against Tesla for $ 162 million
According to the complaint, the company violated a share rights agreement after the price of the securities increased
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Phone calls and messages from official company devices and platforms are usually recorded and stored by financial companies. However, as most of Wall Street began working remotely in the wake of the pandemic, many began working on their personal phones. Mostly through encrypted messaging apps like WhatsApp, Signal and Telegram.
Other Wall Street banks and financial organizations are currently under investigation.
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