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Wall Street Texting Habit Sticks Banks With $1 Billion Bill (2)

July 15, 2022, 1:36 PM

Regulators are poised to extract about $1 billion in fines from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps.

Morgan Stanley disclosed on Thursday that it expectsto pay a $200 million fine, the same amount JPMorgan Chase & Co. paid as authorities use that settlement as a yardstick for the industry. Citigroup Inc. has a reserve in line with what other banks have disclosed, the firm’s finance chief said Friday.

Goldman Sachs Group Inc. and Bank of America Corp. also have had advanced discussions with the regulators to each pay a similar ...