Wall Street bankers and executives are getting their pay docked for using text messaging apps that circumvented record-keeping rules and led to hefty fines for the banks.

Morgan Stanley has imposed individual fines of more than $1m on some of its bankers for their role in the matter, a person familiar with the bank said. In late 2021, JPMorgan had reduced the pay of several members of its top leadership team over the issue, a person familiar with JPMorgan said.