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.
