The Price Is Right for Morgan Stanley Bankers’ WhatsApp Lapses
After its SEC settlement, the securities firm points the finger at its own employees.
Source: NurPhoto
Working for large, modern companies can be like picking your way through a minefield, especially in finance. Policies and rules of behavior proliferate, at times in exhausting detail. But we have to take these seriously or else it will likely cost us.
Some Morgan Stanley bankers have discovered that cost can be hefty. Individuals at the bank have been fined between a few thousand dollars and up to $1 million by their employer for misuse of personal messaging tools like WhatsApp for business chat, according to the Financial Times. The size of penalty depended on seniority, severity of misuse and whether a banker had been warned about it previously. The bank declined to confirm the report.