In a workplace that’s become increasingly dominated by instant messaging apps like Slack, global banks (and regulators) are taking unprecedented steps to police how their employees communicate. HSBC is blocking staff from texting on their work phones, a person familiar with the matter confirmed to CNN. The ban was first reported by Bloomberg. The move comes after 11 brokerage and investment firms were fined $549 million this August by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over their use of messaging apps like WhatsApp. What’s happening: Banks must follow strict compliance rules for how they use and store their employees’ texts and other business communications. But WhatsApp and other instant messaging apps can be particularly problematic because they’re often connected to bankers’ personal devices and are difficult for compliance departments to monitor for recordkeeping. Financial institutions fear that there may be more more missteps and fines to come, so they’re proactively limiting how their workers communicate about official business. Read more
