×

Breaking News From CNBC’s Kate Kelly: Banks to Agree to Currency Manipulation Settlement on Wednesday

WHEN: Today, Tuesday, May 19th

WHERE: CNBC's "Closing Bell"

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly.

All references must be sourced to CNBC.

BILL GRIFFETH: WE HAVE BREAKING NEWS RIGHT NOW ON SOME OF THE NATION'S BIGGEST BANKS NEARING A SETTLEMENT ON FOREIGN EXCHANGE CHARGES. KATE KELLY, THIS HAS BEEN A LONG TIME COMING.

KATE KELLY: THAT IS RIGHT BILL. SO NOW WE UNDERSTAND THAT A NUMBER OF MAJOR INTERNATIONAL BANKS ARE EXPECTED TO SETTLE WITH THE JUSTICE DEPARTMENT IN AN ANNOUNCEMENT TO BE MADE AS EARLY AS TOMORROW. AND THAT SOME OF THE HOLDING COMPANIES OF THESE BANKS ARE EXPECTED TO PLEAD GUILTY TO RIGGING THE FOREIGN EXCHANGE MARKETS THE INTERNATIONAL MARKETS ON WHICH PEOPLE TRADE CURRENCIES. THERE WILL ALSO BE A FINE LEVIED ON THE GROUP OF BANKS THAT I'M TOLD NUMBERS IN THE HIGH BILLIONS OF DOLLARS, ALTHOUGH THE EXACT TOTAL STILL YET TO BE DETERMINED. DETAILS, OF COURSE, WILL BE COMING PROBABLY THROUGHOUT THE REST OF THE AFTERNOON AND EVENING. BUT CERTAINLY TOMORROW IF THE TIMING GOES AS EXPECTED, BILL AND KELLY. SO AGAIN, THE CURRENCY MANIPULATION PROBE TAKEN BY THE JUSTICE DEPARTMENT AND OTHER AGENCIES TOGETHER LIKELY TO BE RESOLVED IMMINENTLY. BACK TO YOU.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.