Big Banks Were Hit With $1.8 Billion in Penalties: Here's Who Was Hit the Worst
Since the Biden administration come into office in January 2021, regulators have been cracking down on the private sector. Regulators have scrutinized significant mergers and acquisitions, investigated brokerages' handling of customer orders, and started to impose reporting requirements on cryptocurrency economy.
Banks were the latest sector to get caught in the government's crosshairs. On Sept. 27, regulators announced $1.8 billion in penalties to be paid by some of the U.S.'s biggest banks. Regulators found that these institutions violated federal securities laws relating to record keeping when employees used messaging apps outside the bank's formal communications and compliance systems to discuss work-related topics. Several major banks were nailed. Here's who got the worst of it.
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Source Fool.com
