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Wall Street Hires WhatsApp Cops as US Blasts Bosses Who Text (1)

Sept. 28, 2022, 1:07 PM

A US investigation into unauthorized texting on Wall Street is forcing many of the world’s biggest banks to create a new compliance role: the WhatsApp cop.

Firms can blame the bosses who broke the rules.

As US regulators punished 11 Wall Street banks Tuesday for failing to stop staff from using unauthorized messaging platforms, investigators took a moment to describe some of the worst offenders -- including heads of trading desks, dealmaking teams and executives with national and global responsibilities. In some cases, managers even texted with employees in charge of ensuring that banks complied with the law.

So as ...