US banks fined $549 million for hiding messages in iMessage, WhatsApp

Multiple US-based financial firms are facing a major penalty for being unable to produce discussions about company business done amongst employees. The companies admitted that their employees used smartphone messaging apps to discuss business, so they were unable to produce their conversations “including those at senior levels.” The accused firms include multiple Wells Fargo companies that have to pay a combined $549 million in fines.

Why these US banks are facing a penalty

US banks have been fined by both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These banks were unable to produce discussions going back to at least 2019.