Morgan Stanley fines employees up to $1 million

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Fines were applied to employees who used messaging apps to handle official business. Morgan Stanley bank facade Reuters Morgan Stanley imposed financial fines on employees who used messaging platforms, such as WhatsApp and similar ones, for official bank business, the Financial Times reported on Thursday (26). Penalties ranged from a few thousand dollars to over $1 million per employee. The amounts were determined based on factors such as the number of messages sent, seniority and whether (employees) had already received warnings, among others, the newspaper reported citing insiders on the case. Morgan Stanley did not respond to a Reuters request for comment. The fines come after the bank agreed to pay $200 million to the United States Securities and Exchange Commission (SEC) in 2021 to resolve investigations into employee communications on messaging platforms that were not approved by the company. The SEC and Wall Street’s self-regulatory body, the Financial Industry Regulatory Authority, require brokers to keep records of all business-related communications, and the commission is investigating whether lenders are tracking employees’ digital communications. In 2020, Morgan Stanley had fired two top executives due to unauthorized use of WhatsApp to discuss labor matters.

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