Wall Street Firms Fined $549 Million For Failing To Retain Communications On Messaging Platforms

U.S. regulators fined 11 Wall Street firms a total of $549 million for record-keeping failures related to the use of personal devices and messaging apps.
The SEC fined the firms $289 million and the CFTC fined several firms an additional $260 million for not retaining electronic communications as required.
The fines are part of an ongoing crackdown targeting the use of apps like WhatsApp and iMessage for business purposes without proper retention.
Wells Fargo received the largest share of fines totaling $200 million across both agencies.
Regulators emphasized these record-keeping failures undermine their oversight abilities and investor protections.