(Reuters) – Citigroup, Goldman Sachs and Bank of America are in talks with regulators to pay about $ 200 million each in fines for not monitoring employees’ use of unauthorized messaging apps, Bloomberg News reported Friday.
Discussions have not yet ended, and the penalties may still change, according to the report, which quoted people with knowledge of the talks.
Morgan Stanley said on Thursday that they had booked a cost of $ 200 million in connection with a regulatory issue related to the use of unapproved personal devices and registration requirements.
Last year, US regulators fined JP Morgan Securities $ 200 million for “widespread” failures to preserve staff communications on personal mobile devices, messaging apps and emails.
The Bloomberg report on Friday said that the settlement amount paid by Morgan Stanley and JP Morgan is used by the authorities as a yardstick for the industry, with the other three banks in talks with each paying a similar figure.
Citi declined to comment, while Goldman Sachs and Bank of America did not immediately respond to Reuters̵7; requests for comment.