U.S. regulators are set to announce a settlement with firms across Wall Street for failing to monitor employees using unauthorized messaging apps, Bloomberg Law reported on Tuesday, citing a person with knowledge of the matter.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could extract total fines of around $2 billion, according to disclosures from U.S. banks.
The announcement of the settlement is expected as soon as Wednesday, Bloomberg Law reported.
The regulators did not immediately respond to a Reuters request for comment.
Wall Street institutions faced challenges in tracking staff communications in the work-from-home pandemic era, particularly over personal devices. Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs Group Inc are some of the biggest banks under the industry-wide scrutiny.
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