International Finance: Wall Street hires WhatsApp cops as US blasts bosses who texted

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A US investigation into unauthorised texting on Wall Street is forcing many of the world’s biggest banks to create a new compliance role: the WhatsApp cop.

As US regulators punished 11 Wall Street banks on Tuesday for failing to stop staff from using unauthorised messaging platforms, investigators took a moment to describe some of the worst offenders – including heads of trading desks, dealmaking teams and executives with national and global responsibilities. In some cases, managers even texted with employees in charge of ensuring that banks complied with the law.

Authorities didn’t name anyone in the settlements. And a person close to one of the largest banks said investigators didn’t necessarily specify to companies which employees were described. Two executives close to the banks said that some of the people described as employed are no longer there and that people who left didn’t necessarily go because of the probe.

Barclays Plc: A managing director in the investment bank exchanged thousands of business-related messages. And the head of a fixed-income trading desk texted with more than 29 colleagues, as well as people at other firms.

 

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