Investment banking firm Morgan Stanley has punished some of its employees with fines that topped more than $1 million for breaching compliance rules by using WhatsApp and iMessage for business communications.
The fines were levied by docking previous bonuses or future pay, according to a report in the Financial Times.
While the fines might seem steep, Morgan Stanley itself has had to pay millions of dollars in fines for previous SEC violations related to the use of consumer messaging apps for business purposes.
