Goldman Sachs is facing a massive fine from the U.K.'s City watchdog following an investigation into the U.S. investment bank's international business, the Financial Times reported on its website on Wednesday.
A formal announcement by the Financial Services Authority (FSA) could be made as early as Thursday morning, the newspaper reported.
The FSA launched an investigation into the bank in April after the U.S. Securities and Exchange Commission charged Goldman misleading investors in a mortgage-backed security known as Abacus, according to the FT.
Citing people familiar with the FSA's fine, the FT said it is not based on the Abacus transaction, but is the result of its investigation into the bank's business practices in London sparked by the SEC allegations.
The FSA was not immediately reachable for comment.
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