Banks Are Taking This Crackdown Seriously

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JPMorgan Chase, Merrill Lynch and Morgan Stanley are preparing to pay about a billion dollars in fines over this. Bankers have responded by hiring their own lawyers. They want to stop their employers from accessing their private phones for work messages. The banks themselves are trying to adjust to regulator's demands.

The EU is considering a windfall tax for energy companies, Zambia’s IMF bailout is a test for countries that have defaulted on Chinese debt, and US regulators are cracking down on bankers’ use of messaging apps.

Mentioned in this podcast:

EU plans windfall tax to counter ‘astronomic’ energy bills

Zambia’s $1.3bn IMF bailout to test how China handles defaults

Wall Street’s $1bn messaging ‘nightmare’

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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