A number of major banks are looking to simultaneously settle probes into allegations of foreign-exchange rate-rigging with the U.K.’s Financial Conduct Authority, according to people familiar with the matter….
Among banks, executives have grown more reluctant to be the first to settle with regulators, fearing a reaction similar to the backlash Barclays faced in 2012, according to one of the people familiar with the matter. That year, Barclays became the first bank to settle allegations it rigged a major interbank lending rate, drawing outrage from investors and politicians. Several Barclays executives quit amid the criticism.
Regarding the British foreign-exchange probe, the banks’ hope is that simultaneously announced settlements will shift the focus away from individual institutions, people familiar with the matter said.