Is there a place for WhatsApp in the workplace?

Jan 20th '23

In September 2022 the US Securities Exchange Commission and the Commodity Futures Trading Commission reached settlements totalling around $1.8bn (£1.4bn) with 12 of Wall Street’s leading investment banks.


The prominent institutions, which included Morgan Stanley, Citigroup, Goldman Sachs and Bank of America, were penalised for failing to monitor employees’ use of unauthorised messaging apps, like Whatsapp, with colleagues and clients.


The probe followed on from JP Morgan’s $200mn fine in December 2021, with the floodgates apparently opening. Authorities seem to have used that initial $200mn settlement figure as a yardstick for the industry, signifying the end of an unofficial grace period afforded to firms adapting to the pandemic.


Such monumental penalties have of course had a seismic impact on the financial services landscape, with the repercussions reaching far beyond the behemoths evidently being made an example of. But how did we get to this stage, and how can firms address the employee behaviours that are clearly no longer going to be tolerated?


Read the full article, here.




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