image credit: Unsplash

Morgan Stanley claws back bankers’ pay over WhatsApp scandal

January 26, 2023


Morgan Stanley is penalizing individual bankers for conducting company business on messaging platforms such as WhatsApp, in connection with an investigation by regulators that drew $1.8 billion in fines last year from 11 Wall Street institutions.

The bank is either clawing back funds from previous bonuses or deducting money from future pay — in penalties that range from a few thousand dollars to more than $1 million per employee, the Financial Times reported Thursday. Bloomberg and The Wall Street Journal later confirmed the development.

Read More on Banking Dive