- StandardC
- Posts
- Morgan Stanley Bankers Fined for WhatsApp Use
Morgan Stanley Bankers Fined for WhatsApp Use
"As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only..."
Robert Baron
January 27, 2023
If you’re interested in learning more about our team, visit us here. If not, enjoy our write-up and we look forward to continuing to provide you with industry news every Friday.
Banking News
Morgan Stanley Bankers Fined for WhatsApp Use
Morgan Stanley employees caught using WhatsApp to send work-related messages are being fined on an individual basis, to the tune of several thousand dollars up to over $1M. Fees will be docked from employees’ paychecks or removed from their bonuses. Gary Gensler, SEC Chair, discussed the serious nature of finance communications:
As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications.
David Solomon's Pay Drops by Over 25%
In 2021, Goldman Sachs CEO David Solomon was the highest paid CEO of a Wall Street Bank, but his pay dropped $10M to $25M in 2022. Goldman Sachs’ salary constriction comes alongside shrinkage in their other ventures, including a 6.5% workforce cut and a 20% drop in net revenue in just one year.
Credit Union News
Legislators Unite Over CU Board Modernization
Republicans and Democrats worked together to reintroduce a bill that would permit credit union boards to meet 6 times per year, instead of once per month. Representatives Bill Huizenga (R-Mich.) and Juan Vargas (D-Calif.) created the Credit Union Board Modernization Act to improve time management for credit union executives.
CEO of CA and NV Credit Union Leagues, Diana Dykstra, said,
This bill modernizes outdated requirements so that every federally chartered credit union can focus more on member service, especially smaller credit unions serving rural communities and underserved areas.
No Change to FCU Interest Rate Cap
Despite the Credit Union National Association’s (CUNA) request to raise the loan interest rate cap for federal credit unions, the board of the National Credit Union Administration (NCUA) will keep the cap at 18% until September 2024. Discussions about implementing a floating rate ceiling will begin in April.
Financial Services & Blockchain
Bitcoin's Value Climbs Amid Mass Layoffs
Despite significant layoffs in the world of crypto, Bitcoin’s value crested $23,000 for the first time in five months. The 26,000 workers let go from Celsius, BlockFi, Voyager Digital, and FTX shouldn’t expect their jobs back, however. The crypto recession is estimated to last about four years.ETC Group co-CEO Bradley Duke believes the increase in Bitcoin was due to:
Some macro fears…subsiding with positive economic data in the US, including lower inflation stats and strong job growth numbers.
Foro, Small Business Financing Matcher, Launches
Charlotte-based Foro, which raised $8M from TTV Capital, is meant to serve small- and medium-sized business owners who want to find loans between $1-25M. The fintech company’s lending platform promises to find the best deals and guide users through the lending process.
Former Bank of America CEO Hugh McColl Jr. explained why he invested in the startup:
It immediately piqued my interest because of the tremendous need for financing for small business, particularly minority businesses…[we want] to put people that want to lend money together with people who need money.