New York-based global investment bank Morgan Stanley has issued financial penalties for some of its employees with fines of up to over $1 million for using messaging platforms such as WhatsApp to conduct official business.
The move follows investigations into Morgan Stanley’s record keeping practices last year by the US Securities and Exchange Commission (SEC) and the Commodity Futures and Trading Commission (CFTC) and a monetary penalty of $200 million.
According to the Financial Times, the penalties on the bank’s employees have been either taken back from previous bonuses or from future pay, depending on their size.