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How billion-dollar fines are reshaping digital communications in banking

today 10/19/2023
HSBC is implementing a ban on texting for its staff on work phones due to concerns over compliance with regulatory obligations. This move comes after several brokerage and investment firms were fined for their use of messaging apps like WhatsApp. Other global banks are also taking steps to monitor and limit employee communication. The ban is a proactive measure to avoid potential future fines. The ban follows HSBC's recent penalties for manipulative trading and misuse of WhatsApp. Other financial institutions, such as Bank of America and Wells Fargo, have also faced fines for recordkeeping violations. Regulators are cracking down on the industry's failure to maintain and preserve electronic communications on personal devices. Tesla reported lower-than-expected third-quarter earnings, causing its stock value to drop. The company attributed the decline to price cuts and higher interest rates. Costco CEO Craig Jelinek will step down at the end of the year, with Ron Vachris taking his place. The company is considering raising its membership price, which has remained unchanged since 2017.
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