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July 26, 2022 at 10:53 AM
UBS AG signaled that it’s part of a broad probe by U.S. regulators into messaging by bank employees that’s likely to saddle lenders with fines of about $1 billion.
The Swiss bank is co-operating with investigations by the Securities and Exchange Commission and the Commodity Futures Trading Commission “regarding compliance with records preservation requirements relating to business communications sent over unapproved electronic messaging channels,” it said in its earnings report on Tuesday.
The disclosure comes after several U.S. investment banks including Morgan Stanley and Citigroup Inc. earlier this month said they expect to pay about $200 million each to settle their part of the probe.
That may means that U.S. regulators are poised to levy about $1 billion in fines just from the five biggest U.S. investment banks for failing to monitor employees using unauthorized messaging apps.
Deutsche Bank AG and HSBC Holdings Plc are the other European lender that have said they’re part of the probe.
