Bank of America seen paying $200M fine in employees' communications probe

Jul. 18, 2022 8:52 AM ETBank of America Corporation (BAC)JPM, MSBy: Liz Kiesche, SA News Editor3 Comments

Bank of America Plaza

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  • Bank of America (NYSE:BAC) is expected to pay the fine as part of a broad investigation into Wall Street's use of unapproved personal devices, such as cell phones and tablets, Bloomberg reported, citing people familiar with the matter.
  • In October 2021, the U.S. Securities and Exchange Commissioned opened a probe to see if banks were keeping track of employees' work-related communications on personal devices.
  • The $200M fine is in line with penalties that have been levied across Wall Street banks, the people told Bloomberg. Last week Morgan Stanley (MS) disclosed a $200M charge related to a "regulatory matter concerning the use of unapproved personal devices and the firm's record-keeping requirements."
  • As of 1:49 PM ET, Bank of America (BAC) hasn't responded to an emailed request for comment.
  • In December 2021, JPMorgan Chase (JPM) paid $200M to settle a probe into employees' communications record-keeping.

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