Goldman messaging service under scrutiny - USA TODAY

A New York banking regulator is asking questions about Symphony, Wall Street's WhatsApp for business, on the eve of the messaging services' planned rollout. Albanese, acting superintendent of the Department of Financial Services for New York (DFS), sent a letter to the Palo Alto, Calif. "As you may know, banks have a legal obligation under New York law to retain records of their operations," Albanese said, Wall Street's widespread rate rigging scandal, which was uncovered in large part through traders' online chats. The service is expected to replace Bloomberg's messaging service, which has long been the dominant form of communication on Wall Street, but which experienced a snooping scandal by Bloomberg reporters in 2013. Albanese's queries come just Symphony... In his letter to Symphony CEO David Gurle, Albanese said he plans to ask for similar information from the banks under his watch, including Goldman Credit Suisse, Bank of New York Mellon, and Deutsche Bank. "We will require that banks regulated by the Department provide information on how they intend to use Symphony products," including which Symphony products they will use. Source: www.usatoday.com