Morgan Stanley Fines Its Bankers Over Messaging Breaches (1)

Morgan Stanley fined some of its own bankers more than $1 million each for conducting business on WhatsApp and other messaging platforms, the latest fallout from an industrywide probe that saw US regulators impose the record penalties for monitoring lapses.

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, ...