Goldman's messaging service under scrutiny - USA TODAY

A New York regulator is asking questions about a new electronic messaging service expected to be used by banks and other financial institutions — also known as Wall Street's new WhatsApp for business. "As you may know, banks have a legal obligation under New York law to retain records of their operations," Anthony Albanese, acting superintendent of the New York financial regulator, wrote in the July 22 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. The questions about Symphony — seen as a rival for the popular Bloomberg terminal chat service — follow financial scandals in which investigators uncovered instant messages and electronic chat room messages showing traders from several banks... whether the users plan to use Symphony's data deletion capabilities and "whether their use of Symphony's encryption technology can be used to prevent review by compliance personnel or regulators," wrote Albanese. Source: www.usatoday.com