The U.K. Financial Conduct Authority is preparing to levy fines ranging from 225 million pounds ($358 million) to 250 million pounds against six banks in the first settlements in a global probe into currency manipulation allegations, three people with knowledge of the talks said.
The FCA could announce settlements as soon as next week with Barclays PLC (BARC), Citigroup (C) Inc., HSBC Holdings PLC (HSBA), JPMorgan Chase & Co, Royal Bank of Scotland Group PLC and UBS AG, according to the people, who asked not to be identified because the talks are private.
At least one U.S. regulator is likely to settle with the banks alongside the FCA, two of the people said. The Commodity Futures Trading Commission, the Federal Reserve and the Office of the Comptroller of the Currency are all pressing to announce agreements with some banks when the FCA does, people with knowledge of the matter have said.
Spokesmen for the FCA, CFTC, Fed and OCC declined to comment.
An FCA announcement could be delayed until later in the month to allow U.S. agencies to reach their accords, one of the people said.
Sky News reported the range of the FCA fines earlier today.
Banks have recently been setting aside money for the settlements. RBS (RBS) provisioned 400 million pounds, Barclays 500 million pounds and HSBC $378 million since last week. Citigroup announced a $600 million legal charge, $300 million to $400 million of which is for the FCA settlement, a person briefed on the talks said last week.