A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business

• The SEC and CFTC have fined a group of Wall Street firms a combined $549 million.
• The firms admitted to employees using WhatsApp and other messaging services for business purposes.
• Wells Fargo, BNP Paribas, and BMO Capital Markets are among those facing the biggest fines.

A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes.