CS First Boston
could each pay fines "in the ballpark" of $200 million to settle conflicts-of-interest charges levied by the New York State Attorney General Eliot Spitzer, sources familiar with the matter said Friday.
Spokeswomen from CS First Boston and Citigroup declined to comment. The New York state attorney general's office also declined to comment.
The two firms could each pay fines of roughly $200 million although no amount has been finalized. "The number is the last part
of the negotiations. We're still dealing with the structural remedies," one source said.
Wall Street firms will meet Monday with federal and state regulators to discuss a settlement, although a final agreement may not be reached. "We're having ongoing meetings to discuss this but we probably won't have a final agreement until mid-December," the source said.
All the major investment banks have been in talks with regulators to settle charges that they produced favorable stock research in order to win lucrative investment banking deals. Earlier in the year,
paid $100 million to regulators after emails revealed analysts privately disparaging stocks while publicly recommending them.