Banks Set Aside $2.7 Billion on FX as Settlements Near

Banks began setting aside money for currency-rate rigging probes this week with as much as $2.7 billion provisioned, indicating settlements are drawing near.

Royal Bank of Scotland Group Plc today set aside 400 million pounds ($639 million) for the foreign-exchange probes. HSBC Holdings Plc (HSBA) will set aside about the same amount when it releases third-quarter earnings on Nov. 3, a person with knowledge of the matter said, asking not to be identified as it hasn’t been announced.

Yesterday Citigroup Inc. (C) took a $600 million legal charge as it said it is involved in “rapidly evolving regulatory inquiries and investigations.” Barclays Plc (BARC) set aside 500 million pounds for resolving the foreign-exchange investigations.

Read on.

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