Will JPM replace WF

Derf

Just read where JPM received A fine as employees were communicating during working hours about the markets through use of their phones. I guess that is a NO-NO !
Week looks to be off to a bad start, Derf

yogibearbull

SEC requires saving ALL client communications, and that is done automatically if work emails or phones are used. But if personal phones are used, then that recordkeeping step is bypassed; moreover, WhatsApp if fully encrypted. So, the assumption is that something may be fishy if steps are being taken purposely to avoid recordkeeping. Note that faxes also bypass recordkeeping (although hardcopies are assumed to be kept and filed).
I have a relative who works in securities compliance.

BaluBalu

What about communications between employees? If 2 employees want to vent about their boss or another colleague, can that happen on personal phones? No phone call is going to be exclusively about one topic, even if the call was initiated to discuss only one topic.

Derf

@BaluBalu :Here is the link.
https://seekingalpha.com/news/3781285-jpmorgan-chase-to-pay-200m-to-settle-probes-on-employee-communications?lctg=60e5bff2d935fc51cb3d2067&mailingid=26105343&messageid=wall_street_breakfast&serial=26105343.1518283&userid=54611039&utm_medium=email&utm_source=seeking_alpha

BaluBalu

Thanks, Derf. I already read the media reporting of what you posted in the OP. I was hoping YBB can provide the insider scoop of the JPM investigation, without me having to read the official documents of the agreements by JPM with the two government agencies. I hardly ever find media / journalistic reporting(s) to be without color(s). A lot of mis-reportings are not with malice but lack of diligence as there are no serious consequences for failures.

yogibearbull

My relative works in security compliance at ANOTHER bank and was shocked to see the news about JPM. So, no insider view of JPM. Sorry for the confusion.