Symphony Communications has taken down a promotional video touting how its super-secure chat function could save them billions in fines because the system would enable users to wipe out chats. Naturally, The New York Post spotted the disappearing act.
The regulators are not amused.
The world’s 13 biggest banks have spent more than $74 billion in fines since 2010, the Post notes, largely because of their digital footprint. That’s real money.
The eye-popping figure is a big reason why Wall Street is backing a new cutting-edge communications system. Symphony promises to give its clients, including Goldman Sachs and JPMorgan Chase, greater control of their data — and save them “billions of dollars in fines,” according to a company pitch to clients.
The boast disappeared after Symphony received a letter from a top NY state regulator asking for more information.
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