The policeman of the American Stock Exchange, the SEC, does not trifle with security.
Eleven major banks, including JPMorgan, Goldman Sachs and Morgan Stanley, agreed on Tuesday to pay him a total of $1.82 billion in fines.
These establishments admitted to letting their employees, at all levels of the hierarchy, communicate on matters relating to their work from their personal devices between 2018 and 2021. And not to have systems in place to retain communications.
What is prohibited.
Tens of thousands of messages were also exchanged via encrypted messaging services such as WhatsApp or Signal.
Market-trading banks are in fact expected to retain all labor-related exchanges.
This makes it possible to trace any breaches, such as agreements between traders.
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“In finance, everything is ultimately based on confidence,
explained Gary Gensler, the president of the American authority of the markets.
By not respecting their obligations (…), the market players we accuse today have not maintained this confidence.
JPMorgan had already agreed at the end of 2021 to pay a fine of $200 million.
The investigation then led to the launch of investigations in other banks.
As a result, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS also agreed to pay $200 million each in penalties.
The invoice amounts to 225 million dollars for Bank of America.
