Sept 27 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday fined 16 financial firms, including Barclays (BARC.L), Bank of America , Citigroup , Credit Suisse (CSGN.S), Goldman Sachs , Morgan Stanley and UBS, a combined $1.1 billion over failing to maintain and preserve electronic communications.
The sweeping industry probe, which was first reported by Reuters last year and had since been disclosed by multiple lenders, is a landmark case for the agency, regulatory experts said.
"The firms admitted the facts...acknowledged that their conduct violated recordkeeping provisions of the federal securities laws... and have begun implementing improvements to their compliance policies and procedures to settle these matters," the SEC said.
That likely impeded the SEC's ability to gather evidence in other, unrelated investigations, the agency said.
The failings occurred across all 16 firms and involved employees at multiple levels of authority, including supervisors and senior executives, the SEC said.