A much-anticipated deal that would impose hefty fines on a dozen Wall Street investment banks and would overhaul securities-industry business practices will be announced Friday. Securities regulators said they plan to announce the settlement at a press conference Friday afternoon at the New York Stock Exchange. New York Attorney General Eliot Spitzer had been pushing hard to get the deal done by the end of this week. A number of state securities regulators who have taken part in the complex negotiations were said to be traveling to New York on Thursday for the big announcement. In a final push toward reaching a deal, securities regulators from Spitzer's office and other agencies were holding all-day discussions Wednesday with representatives from Citigroup ( C), which regulators have identified as the worst offender in their investigation into tainted stock research and Wall Street conflicts of interest. Citigroup, initially facing a $500 million fine, may be ordered to pay up to $350 million -- more than twice as much as any other Wall Street firm. Credit Suisse First Boston ( CSR), the second-worst offender in the eyes of regulators, could pay a $150 million penalty. Other firms, including Goldman Sachs ( GS), Morgan Stanley ( MWD) and Lehman Brothers ( LEH), are looking at paying fines ranging from $50 million to $75 million. A source close to the negotiations said that Spitzer's office, in a sign they intend to wrap up the investigation, has canceled scheduled interviews with potential witnesses against Citigroup and Jack Grubman, the former Salomon Smith Barney telecom analyst. Grubman, who once was the highest-paid analyst on the Street, earning $20 million in a single year, may also have to pay. One source said regulators might also announce a deal with Grubman that has him pay a large fine and forfeit his right to work in the securities business.