Wall Street to pay $1.8 billion in fines for traders’ use of banned messaging apps

WASHINGTON — Eleven of the world’s largest banks and brokerages will collectively pay $1.8 billion in fines to resolve regulatory investigations into their employees’ use of messaging apps that violated record-keeping rules , regulators said on Tuesday.

Firms include brokerage units of Bank of America Barclays Citigroup Inc., Credit Suisse Group German Bank Goldman Sachs Group Morgan Stanley, UBS Group and nomura Holdings Inc. brokerage firms Jefferies LLC and Cantor Fitzgerald & Co. also settled claims with the Securities and Exchange Commission and Commodity Futures Trading Commission.