Morgan Stanley bankers accused of using the WhatsApp app for business purposes have been fined hefty, up to $1 million.
The employer justified his decision by saying that communication via instant messaging was not allowed in the trading rooms, as the newspaper “Les Echos” reported on Monday.
Morgan Stanley appears to be looking to learn from its past mistakes, as the bank was fined $200 million by financial regulators in 2022 for lack of control over personal messaging, including WhatsApp.
Banks are required to keep all commercial communications, which is becoming increasingly difficult with the various means of communication, especially social networks.
As a reminder, Morgan Stanley fired two brokers in 2020 who were found guilty, while two other banking institutions made the same decision against employees over similar facts.