Biggest Banks Nearing $1 Billion Settlement Over Traders’ Use of WhatsApp

WASHINGTON—Many of Wall Street’s biggest banks are nearing agreements to pay as much as $200 million each and admit that their employees’ use of personal messaging apps such as WhatsApp violated regulatory requirements, according to people familiar with the matter.

The total amount of fines will likely top $1 billion, the people said, and will be announced by the end of September. The roster of banks poised to pay $200 million each includes Bank of America Barclays Citigroup Deutsche Bank Goldman Sachs Group and Morgan Stanley and UBS Group the people said. Jefferies Financial Group and Nomura Holdings are nearing settlements with regulators but will pay lower fines, reflecting their smaller size, the people said.

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This article was written by and originally published on www.wsj.com