Bloomberg quotes 'people familiar' and reports that CSFB and Citigroup may face fines of up to $200m each as part of the settlement of the various state and federal probes into their research practices.
New York state attorney general Eliot Spitzer is thought to want to reach a settlement with firms by mid-December and regulators are due to meet this week to agree the exact penalties they wish firms to pay.
Most firms will pay up between $25m - $150m, but CSFB and Citigroup are expected to have to cough up more as investigators are believed to have found the 'clearest evidence' at these firms that investment bankers pressured analysts and influenced research reports.
As Bloomberg points out, a $200m fine would be the fifth largest ever on Wall Street. The largest fines to date are:
1988 - Drexel Burnham Lambert - $650m
1993 - Prudential Securities - $371m
1996 - Paine Webber - $332.5m
1992 - Salomon - $290m
Have something to tell us about this article?