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Wall Street Texting Habit Sticks Banks With Rare $1 Billion Bill

  • Goldman, BofA have had advanced talks with regulators
  • Morgan Stanley discloses expected fine, JPMorgan has settled
Bloomberg business news
Wall Street Texting Abuse Fines Poised to Reach About $1 Billion
Updated on

Regulators are poised to extract about $1 billion in fines from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps.

Morgan Stanley disclosed on Thursday that it expects to pay a $200 million fine, the same amount JPMorgan Chase & Co. paid as authorities use that settlement as a yardstick for the industry. Citigroup Inc. has a reserve in line with what other banks have disclosed, the firm’s finance chief said Friday.