Morgan Stanley has reportedly hit its own employees with financial penalties ranging from a few thousand dollars to more than $1 million for conducting official business on Whatsapp and other off-channel communication platforms.
Last year, the company agreed to pay $200 million to the Securities and Exchange Commission and Commodity Futures Trading Commission after investigations found its employees had used unapproved communication channels on Wall street. This was part of a crackdown across all major banks, which led to more than $1 billion in total fines.
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