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Wall Street banks fined $549 million for record keeping failures

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, affirms prior to the Senate Banking, Housing and Urban Affairs Committee throughout an oversight hearing on Capitol Hill in Washington, September 15, 2022.

Evelyn Hockstein | Reuters

U.S. regulators on Tuesday revealed a combined $549 million in charges versus Wall Street companies that stopped working to keep electronic records of worker interactions.

The Securities and Exchange Commission revealed charges and $289 million in fines versus 11 companies for “widespread and longstanding failures” to keep records, consisting of by permitting workers to utilize without supervision side channels such as messaging apps WhatsApp and Signal, the regulator stated.

The Commodity Futures Trading Commission likewise stated it fined 4 banks an overall of $260 million for stopping working to keep records needed by the company.

Wells Fargo, the 4th most significant U.S. bank by properties and a reasonably little gamer on Wall Street, acquired the most fines, with an overall of $200 million in charges.

This story is establishing. Please examine back for updates.

Blake

News and digital media editor, writer, and communications specialist. Passionate about social justice, equity, and wellness. Covering the news, viewing it differently.

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