Morgan Stanley has docked the pay of employees who flouted rules on using personal messaging apps. But just like the idea of following the rules shouldn’t be unusual, nor should linking penalties directly to employees’ financial awards: johnsfoley
now regularly reiterate that using personal channels is taboo and punishable by firing. But ad-hoc levies have more immediate impact, and are easier to impose widely. What’s good for the pottery store sounds good for Wall Street too.Morgan Stanley has hit employees with financial penalties for breaking its rules over the use of messaging platforms like WhatsApp for official business, the Financial Times reported on Jan. 26.
The penalties used a points system based on factors like frequency and seniority, and ranged in size up to more than $1 million. Morgan Stanley was one of 11 banks fined by the U.S. Securities & Exchange Commission and the Commodity Futures Trading Commission in September 2022. At the time, the SEC noted that Morgan Stanley had financially penalized and terminated some staff for violating its policies.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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