Among the companies are Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS.
of the United States The Securities and Exchange Commission (SEC) on Tuesday fined 16 financial companies a total of $1.8 billion for failing to maintain and preserve electronic communications.
The news agency Reuters, which reports on the matter by among the companies are Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UBS.
The investigation targeting the financial sector, which led to fines, is a significant case for the agency. According to the SEC, the companies admitted to violating the accounting regulations of the federal securities laws and have begun the necessary steps to correct the matter.
Between January 2018 and September 2021, bank employees routinely communicate about business matters using applications such as text messaging and WhatsApp on their personal devices.
According to the SEC, the problem was that the companies did not retain most of these messages, which violated the rules.
Failures occurred in all 16 fined companies, from management to employees.
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