Regulators said Tuesday Deutsche Bank Securities Inc.; Golden, Sachs & Co.; Morgan Stanley; Salomon Smith Barney Inc.; and U.S. Bancorp Piper Jaffray Inc. were collectively fined $8.25 million - $1.65 million each - for failing to provide e-mails during an investigation whether the firms issued misleading or false research reports to court investment banking clients.

“Each firm had inadequate procedures and systems to retain and make accessible e-mail communications,” according to a statement by the Securities and Exchange Commission, the New York Stock Exchange and the National Association of Securities Dealers. Banks are required to preserve e-mails for three years and keep them accessible for two years. The firms were given 90 days by regulators to establish new systems for preserving email.

(via The Deal)