The “global” settlement between US regulators and the leading investment banks over alleged conflicts of interest on Wall Street could amount to as much as $1 billion in fines and penalties, say reports. Regulators were organising a news conference on Friday in New York to unveil an agreement, but negotiations continued into the night, and the talks may have collapsed or failed to encompass all twelve banks. The bulk of the $1 billion is expected to be paid by Citigroup and CSFB. Morgan Stanley, Goldman Sachs, Deutsche Bank, UBS Warburg,JP Morgan Chase, Lehman Brothers, Bear Stearns, US Bancorp Piper Jaffray and Thomas Weisel Partners are also in the dock. Merrill Lynch has already paid $100 million to regulators in May, as part of an earlier agreement.
Global Settlement With Investment Banks Likely To Hit $1 Billion
The "global" settlement between US regulators and the leading investment banks over alleged conflicts of interest on Wall Street could amount to as much as $1 billion in fines and penalties, say reports. Regulators were organising a news conference on