Banks near $1 billion settlement over merchants’ use of banned messaging apps

WASHINGTON—Many of Wall Street’s biggest banks are set to agree to pay up to $200 million each and admit their employees’ use of personal messaging apps like WhatsApp violated requirements regulations, according to people familiar with the matter.

The total fines will likely top $1 billion, the people said, and will be announced by the end of September. The list of banks willing to pay $200 million each includes Bank of America Barclays Citigroup German Bank Goldman Sachs Group and Morgan Stanley and UBS Group people said. Jefferies Financial Group and Nomura Holdings are close to reaching deals with regulators but will pay lower fines, reflecting their smaller size, the people said.


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