HSBC Holdings Plc is being investigated by U.S. regulators over bankers’ misuse of services such as WhatsApp.
The London-based bank is co-operating with the Commodity Futures Trading Commission probe into the use of “non-HSBC approved messaging platforms for business communications,” according to its annual report published alongside earnings on Tuesday.
HSBC Chief Executive Officer Noel Quinn told Bloomberg News the CFTC’s work was part of a broad investigation by U.S. authorities. “I don’t think it’s specific, I think it’s general across all financial institutions,” said Quinn in a phone interview.
“They’re looking at the use of mobiles and WhatsApp and text messages to make sure it’s appropriate,” he said.
In December, the CFTC and Securities and Exchange Commission fined JPMorgan Chase & Co. $200 million after finding that staff at the bank had for years shrugged off their surveillance duties and sent work-related messages using platforms such as WhatsApp or their personal email addresses.
“We obviously have internal procedures and requirements as to the use of nonbank platforms,” HSBC Chief Financial Officer Ewen Stevenson said in a phone interview.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
