Wall Street banks face multi-million dollar fines

Some of the biggest investment banks on Wall Street face massive fines for failing to properly store emails.

Investigators from the New York Stock Exchange and the Securities and Exchange Commission are considering fines totalling $10m.

The investigators are looking for evidence of wrongdoing by the banks' analysts who stand accused of giving biased investment advice.

The banks should be able to provide access to all business communications dating back over three years. But the banks have not produced the emails as required, according to the New York Times.

The banks include Deutsche Bank, Goldman Sachs, Merrill Lynch and US Bancorp.