These short messages cost major US bank JP Morgan. Since some employees use messenger services like WhatsApp, the stock exchange regulator has imposed a fine of lakhs on the bank.
Irregular communication through messenger services such as WhatsApp US bank JP Morgan is expensive. Two US officials fined a total of US$200 million (177 million euros) on Friday as employees exchanged business matters via smartphone apps. This was because the bank was unable to store its communication as prescribed.
According to exchange supervision The SEC and the CFTC, which is responsible for the futures and options markets, even escaped the control of JPMorgan’s managers and other executives by using messenger services and private e-mail addresses. The bank admitted that it had broken the rules.
Companies on American stock exchanges have had to control and store their employees’ business communications for decades. Sanjay Wadhwa, deputy chief of the SEC, said JP Morgan’s mistakes made many investigations by the agency difficult.
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