Wall Street banks face billions of dollars in fines

Wall Street banks face billions of dollars in fines for using WhatsApp

However, there are many opinions that heavy fines are not enough to change a culture on Wall Street, where people are used to using apps like WhatsApp to discuss the secret business.

Some of america’s largest banks are likely to be fined more than $1 billion, as entrepreneurs use the private messaging app WhatsApp to discuss important business issues.

Wall Street banks expected to pay $200 million in fines include Bank of America, Barclays, Citi, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS, according to the Wall Street Journal.

Meanwhile, investment banks Jefferies and Nomura face lower fines due to their smaller size.