The funds have either been clawed back from previous bonuses or will be docked from future pay, according to a person familiar with the matter, who asked not to be named as the information has not been made public.
Morgan Stanley is the latest bank to require individual staff to bear some of the burden of an unprecedented regulatory investigation, after it emerged that unapproved messaging platforms were being widely used to conduct business. Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct.
Individual penalties at Morgan Stanley range from a few thousand dollars to more than $1 million, based on a points system that considers factors including seniority, number of messages sent and whether they were issued prior warnings, according to the Financial Times, which
The bank now gives employees training on scenarios when they should shift conversations from personal devices to official platforms such as their work email, the FT reported.
Last year, Morgan Stanley agreed to pay $200 million in fines to the Securities and Exchange Commission and the Commodity Futures Trading Commission. A dozen banks, including
The probe has also prompted some wider changes.
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