BofA Expected to Pay $200M for Personal Device Misuse

That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak.

Investigators have been looking into banks including JPMorgan Chase & Co, Citigroup Inc. and

The expected fine follows a disclosure by Morgan Stanley last week that it faces a similar penalty stemming from the investigation. The $200 million expense was “related to a specific regulatory matter concerning the use of unapproved personal devices and the firm’s record-keeping requirements,” it said.

Citigroup took a one-time reserve for the communications probe, Chief Financial Officer Mark Mason said during its earnings on Friday. The amount was in line with what “peers have disclosed,” he said.

Late last year, the Securities and Exchange Commission and the Commodity Futures Trading Commission imposed $200 million in fines on JPMorgan.

Added up, regulators are poised to extract about $1 billion from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps, Bloomberg reported earlier.

(Image: AP)