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11 Wall Street Banks Pay $710 Million Fine for Shoddy Record Keeping

11 Wall Street Banks Pay $710 Million Fine for Shoddy Record Keeping

Nearly a dozen Wall Street banks including Goldman Sachs, Deutsche Bank and Bank of America are being fined a total of $710 million for not retaining better records of texts and messages from WhatsApp and Signal sent by its employees. The Commodity Futures Trading Commission on Tuesday said it will fine 11 financial institutions fines ranging from $6 million to $100 million each for failing to maintain, preserve or produce records that employees sent to each other or to clients. Bank of America was assessed the largest fine of $100 million while Cantor Fitzgerald's fee is only $6 million.