U.S. regulators are investigating whether UBS Group properly documented staff communications as part of a sector probe, the bank said Tuesday.
Reuters reported last year that the SEC was investigating whether Wall Street banks adequately documented employees’ work-related text messages and emails during the pandemic.
In December, the SEC and CFTC fined J.P. Morgan Securities $200 million for failing to preserve staff communications on personal mobile devices, messaging apps, and emails.
“The SEC and CFTC are investigating UBS and other financial institutions over records preservation requirements for business communications sent over unapproved electronic messaging channels. UBS is cooperating, “UBS reported quarterly.
Bank of America (NYSE:BAC) set aside $200 million for a regulatory problem involving personal phone use.