Expect big news of big settlements for big banks next week
Multiple reports indicate UBS will join previously expected Barclays, JP Morgan, RBS, and Citigroup in settling up on their forex manipulation behavior next week.
A guilty plea to a felony criminal count is expected for all 5 TBTFs.
Biggest rumor is that DoJ may tear up the deferred prosecution agreement with UBS.
My wild guess of the dollar amount of the settlement? Four and a quarter billion. Reports i have seen over the past few weeks leave me wondering if that is just the DoJ settlements and doesn’t include NYDFS. If not, add another billion or three.
A few articles for more details: