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.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
