Big banks in the U.S. and Europe are stockpiling billions to pay for a potential trans-Atlantic settlement of allegations that they manipulated foreign-exchange rates as talks heat up with regulators on both continents.
....Several people familiar with the discussions said banks appeared more optimistic of reaching a global settlement than U.S. regulators. One person said the direction of the talks was changing by the hour.
Some of the people familiar with the matter said they are skeptical that all the U.S. regulators will go for a settlement alongside their U.K. counterparts. Among the U.S. agencies, there are varying degrees of enthusiasm for one big deal: The Justice Department, in large part because it is handling criminal probes of the conduct, expects resolutions of its probes to take months more, some of these people said.After all, what are banks for?