Citigroup Inc. joined the list of banks being investigated over employee communications using unauthorized messaging services.
The Securities and Exchange Commission is probing Citigroup Global Markets Inc. “and other firms regarding compliance with record-keeping obligations for broker-dealers and investment advisers in connection with business-related communications sent over unapproved electronic messaging channels,” the New York-based bank said in a regulatory filing Monday. “CGMI is cooperating with the investigation.”
Firms including Goldman Sachs Group Inc. and HSBC Holdings Plc are being probed by U.S. regulators over staffers’ communications. In December, the SEC and Commodity Futures Trading Commission imposed $200 million in fines on JPMorgan Chase & Co., saying that even managing directors and other senior supervisors at the bank had skirted regulatory scrutiny by using services such as WhatsApp or personal email addresses for work-related communication.
Wall Street firms have been required for decades to closely monitor and save staffers’ business communications, a task that’s been complicated in recent years by the proliferation of mobile technology and messaging apps. The system was strained further as banks sent workers home at the onset of the Covid-19 pandemic, making it harder to see who might be using an unmonitored device.
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“The father even shared office space with the son and used a Medallion Guarantee stamp on the client’s account statements,” an attorney said.
The investment banking arm of RBC is ramping up its hiring across the U.S., Canada, and Europe.
The 140-year-old firm catering to ultra-high-net-worth clients joins a growing roster of wealth managers and tech providers plugging Claude into advisor workflows.
Three broker-dealers secure teams across the country as the recruiting race shows no signs of slowing.
As $84 trillion prepares to change hands, advisors who treat estate planning as peripheral are quietly building a sieve, not a book.
In volatile markets, the advisors who win aren't the ones with the best calls - they're the ones whose clients stay the course.
