Banks Nearing $1 Billion Settlement Over Traders’ Use of Banned Messaging Apps

WASHINGTON—Lots of Wall Road’s largest banks are nearing agreements to pay as a lot as $200 million every and admit that their workers’ use of private messaging apps corresponding to WhatsApp violated regulatory necessities, in accordance with individuals aware of the matter.

The whole quantity of fines will doubtless high $1 billion, the individuals stated, and might be introduced by the top of September. The roster of banks poised to pay $200 million every contains Financial institution of America Barclays Citigroup Deutsche Financial institution Goldman Sachs Group and Morgan Stanley and UBS Group the individuals stated. Jefferies Monetary Group and Nomura Holdings are nearing settlements with regulators however can pay decrease fines, reflecting their smaller dimension, the individuals stated.