U.S. probes Wells Fargo’s retention of employee communications

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The United States Securities and Exchange Commission and the United States Commodity Futures Trading Commission have undertaken the probes, the fourth-largest U.S. bank disclosed in a filing.

The scrutiny highlights the challenges Wall Street institutions have faced in tracking staff communications in the work-from-home pandemic era, particularly over personal devices and apps like WhatsApp.

Most have now adopted hybrid-work models, which allow employees to divide their time between office and remote arrangements.

In September, the SEC fined 16 financial firms, including major global banks, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps.

Earlier this month, France’s third biggest bank Societe Generale (OTC:SCGLY) was also drawn into a probe by the U.S. securities regulator on whether its staff had used unauthorized messaging platforms.