Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

U.S. watchdogs scrutinise UBS over staff messaging

Published 07/26/2022, 04:06 AM
Updated 07/26/2022, 04:11 AM
© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland February 28, 2020. REUTERS/Arnd Wiegmann
BAC
-

ZURICH (Reuters) - U.S. regulators are looking into whether UBS Group properly documented communications among staff as part of a wider probe of the sector, the Swiss bank said in notes to its second-quarter results on Tuesday.

Last year, Reuters reported that the U.S. Securities and Exchange Commission (SEC) was looking into whether Wall Street banks have been adequately documenting employees' work-related communications, such as text messages and emails, during the work-from-home period of the pandemic.

In December, the SEC and the Commodity Futures Trading Commission (CFTC) fined J.P. Morgan Securities $200 million for "widespread" failures to preserve staff communications on personal mobile devices, messaging apps like Whatsapp, and emails.

© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland February 28, 2020. REUTERS/Arnd Wiegmann

"The SEC and CFTC are conducting investigations of UBS and other financial institutions regarding compliance with records preservation requirements relating to business communications sent over unapproved electronic messaging channels. UBS is cooperating with the investigations," UBS said in its quarterly report.

Bank of America (NYSE:BAC) said last week it had set aside around $200 million for a regulatory matter connected to the unauthorised use of personal phones.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.