Wells Fargo, Fines and WhatsApp - Nothing new here

Here we go again with my favorite BTH (Bank to hate) letting it’s employees run wild.

This time, they and employees of other banks are using WhatsApp and other messaging platforms that do not keep records of on-line conversations. The SEC doesn’t like that - but of course, I can see why folks would want to use those platforms for communicating…

What’s another bunch of million in fines to keep the regulators happy? Chump change I guess.

(Bloomberg) – Wells Fargo & Co. and BNP Paribas SA are among firms that will pay hundreds of millions of dollars in penalties for employees using unofficial communications like WhatsApp and personal email to conduct business — the latest salvo in US regulators’ crackdown on Wall Street’s failure to keep records.



The fines would probably be much higher if the regulating authorities knew what was being discussed.