Morgan Stanley has slapped its own bankers with fines of more than $1 million as it looks to crack down on the misuse of WhatsApp and other apps to conduct official business, according to a report …
Morgan Stanley has slapped its own bankers with fines of more than $1 million as it looks to crack down on the misuse of WhatsApp and other apps to conduct official business, according to a report Thursday.
The penalties were enacted after Morgan Stanley agreed to pay $200 million last summer to federal regulators over the rampant use of WhatsApp to conduct official business within the banking industry. Bankers found to have made improper use of WhatsApp could be dinged for anywhere from “a few thousand dollars to more than $1 million” per person, depending on the extent of the violation,The size of each fine is purportedly determined by a grading system based on factors such as whether the WhatsApp messages were a first offense, how many messages were sent and the total number of messages, according to the outlet.
The fines will either be taken from the offending employee’s future pay or clawed back from past bonuses they have received.on scenarios in which they should shift conversations from their personal devices to official work channels.
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