JPM/WFH: devices prove divisive as remote working makes monitoring staff harder

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The battle between regulators, banks and employees over the use of personal devices is once again in the limelight.

Credit Suisse has headlined since this month Asked for access For employee personal devices. This policy was seen as too annoying, but Swiss banks may have good reason to increase scrutiny.

Friday U.S. Regulatory Agency Releases JP Morgan Record high $ 200 million fine About failing to keep a record of staff messages on personal devices. These included tens of thousands of messages, text messages, and personal email accounts about commerce via WhatsApp.

Financial workers are not strangers of surveillance. However, the transition to remote work during a pandemic has affected compliance with rules regarding unauthorized channels and devices. For example, personal cell phones are banned on most trading floors to ensure that all voice communications are recorded. However, remote work makes this almost impossible to do.

Banks are at stake. After the 2008 financial crisis, the industry has become more tightly regulated. In the five years to September 2017, banks have fined $ 375 billion. Report According to industry panel FMSB. When employees work alone away from the office, they are at increased risk of insider trading, market manipulation, and other types of fraud.

Working from home also presents other challenges to the compliance team. Young traders and couples need to take special care to prevent cohabitants and partners from eavesdropping on work phones.

Apart from the rough feathers of staff, remote monitoring of employees can be quite costly. According to Greenwich Associates, spending on trade monitoring technology is expected to increase by 23% from 2020 to reach $ 1.5 billion this year.

No wonder bank bosses like JP Morgan Jamie Dimon, Goldman Sachs of David Solomon and Morgan Stanley James Gorman Employees have been very vocal about the need to return to the office.

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