XPost: alt.politics.trump, talk.politics.guns, alt.politics.economics   
   XPost: alt.fan.rush-limbaugh   
   From: fjb@nytimes.com   
      
   In article    
    wrote:   
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   > Everybody say, "THANKS DEMOCRATS!" "YOU FUCKING ASSHOLES!"   
   >   
      
   Thank Democrats for rates going up.   
      
   Aug 22 (Reuters) - Banking giants such as JPMorgan Chase & Co   
   (JPM.N) and Bank of America (BAC.N) collectively face more than   
   $1 billion in regulatory fines for employees' use of unapproved   
   messaging tools, including email and apps like WhatsApp.   
      
   The U.S. Securities and Exchange Commission (SEC) began probing   
   banks' record-keeping practices relating to the use of personal   
   devices last year, Reuters reported at the time, and the   
   Commodity Futures Trading Commission (CFTC) is also scrutinizing   
   the issue, bank disclosures show. read more   
      
   Here is a list of fines that financial firms have already paid   
   or expect to pay, according to recent disclosures:JP Morgan   
   Chase & Co (JPM.N)   
      
   JP Morgan Chase & Co's (JPM.N) broker-dealer subsidiary was   
   fined $200 million last year by the SEC and CFTC for widespread   
   failures to preserve staff communications on personal mobile   
   devices, messaging apps and emails. JP Morgan acknowledged its   
   conduct violated securities laws.   
      
   The penalty was one of the first major enforcement actions   
   brought under SEC Chair Gary Gensler.   
      
   Morgan Stanley (MS.N)   
      
   Morgan Stanley has tentatively agreed to pay $125 million to the   
   SEC and $75 million to the CFTC to resolve investigations into   
   its record-keeping practices, it said in July. It already set   
   aside $200 million in its second quarter earnings to prepare for   
   the penalty.   
      
   Bank of America (BAC.N)   
      
   Bank of America earmarked about $200 million in the second   
   quarter for litigation tied to unauthorized electronic messaging   
   by its employees. The bank said in late July that it was in   
   settlement talks with the SEC and the CFTC.Citigroup Inc (C.N)   
      
   Citi is being investigated by the SEC for communication over   
   unapproved channels used by its employees, the company disclosed   
   in a regulatory filing in February.   
      
   The company set aside reserves to deal with the matter, Chief   
   Financial Officer Mark Mason said during its second quarter   
   earnings in July. He didn't specify an amount, but said it was   
   aligned with what peer companies had disclosed.   
      
   Goldman Sachs (GS.N)   
      
   Goldman Sachs is in "advanced discussions" with the SEC and CFTC   
   to resolve the probes, it said in a second-quarter filing.   
      
   Barclays PLC (BARC.L)   
      
   British bank Barclays said it had reached an agreement in   
   principle to pay $200 million to U.S. regulators, the company   
   said in its half-year earnings in July.   
      
   Credit Suisse Group AG (CSGN.S)Credit Suisse said in July it had   
   booked a $200 million litigation provision mainly relating to   
   the record-keeping rules.   
      
   Deutsche Bank AG (DBKGn.DE)   
      
   Deutsche Bank announced late July that it set aside 165 million   
   euros in additional provisions for possible regulatory   
   enforcement, in part from the SEC and CFTC investigations.   
      
   UBS Group AG (UBSG.S)   
      
   UBS Group said U.S. regulators were conducting investigations   
   into the bank and other financial institutions relating to   
   business communications.   
      
   https://www.reuters.com/business/finance/big-banks-expected-rack-   
   up-more-than-1-bln-fines-whatsapp-use-2022-08-22/   
      
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