Morgan Stanley Faces $200M Penalty, Tightens Rules on Personal Messaging
Morgan Stanley, facing penalties and changes following a record-keeping investigation, anticipates paying a $200 million penalty. The bank is implementing stricter communication policies and conducting training sessions for employees. In 2020, Morgan Stanley dismissed at least two top commodities traders for using personal messaging apps for work-related communications. The bank later disciplined several employees in 2021 for the same reason, with fines ranging from $5,000 to $100,000 per individual. Morgan Stanley is now penalizing bankers for such actions, with fines varying based on a points system considering message count, seniority, and prior warnings. Even innocuous messages about meeting times or locations can fall under record-keeping requirements. Morgan Stanley is educating employees on when to use company platforms like email instead of personal devices. The bank is also clawing back funds from previous bonuses or deducting money from future pay to impose these penalties. Morgan Stanley's recent actions show a serious approach to record-keeping compliance, with a $200 million penalty, job cuts following a profit dip, and strict penalties for personal messaging use. Other banks, like Deutsche Bank and JPMorgan Chase, have also faced record-keeping compliance consequences.
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