BIG MONEY TROUBLES

U.K. Regulator Planning to Probe Goldman Sachs, Morgan Stanley, Bank of America, Merrill Lynch and Scotiabank

Goldman Sachs, Morgan Stanley, Bank of America, Merrill Lynch and Scotiabank are among those banks facing an investigative probe over reporting data in the U.K.

The British Prudential Regulation Authority (PRA) is planning to probe a number of major American financial institutions including Goldman Sachs, Morgan Stanley, Bank of America, Merrill Lynch and the Canadian bank Scotiabank with U.K. operations, according to Sky News. The so-called S166 inquiries will look into the quality of data being reported by the financial companies. The new inquiries come after the Wall Street lender Citi was fined $57 million in a settlement for inadequate internal controls and poor governance practices. PRA officials believe the other financial institutions may be guilty of similar errors.