Morgan Stanley Commodities Bankers Leave over Compliance Breach over WhatsApp Usage
Posted on 10/21/2020
Two senior executives in the commodities trading part of Morgan Stanley are leaving the company due to compliance breaches. These executives used a messaging app called WhatsApp, which is owned by Facebook.
Executives at Morgan Stanley – Nancy King, global head of commodities, and Jay Rubenstein, head of commodities trading, are leaving. Nancy King joined Morgan Stanley 34 years ago.
Using communication channels such as WhatsApp went against company policy. Compliance departments at large banks have a hard time monitoring messaging apps like WhatsApp.