US Fines 16 Wall Street Firms $1.8 Billion for Talking Deals, Trades on Personal Apps

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington on May 12, 2021. Andrew Kelly/Reuters

U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps.

The sweeping industry probe, first reported by Reuters last year and subsequently disclosed by multiple lenders, is a landmark case for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), marking one their largest collective resolutions.