As Schroders became the latest bank to put in a reserve for such costs - one of £15m - experts predict that considerable wariness will characterise this part of the M&A market. Christopher Wheeler, an analyst at Mediobanca, said that European banks have become ‘very nervous about making any acquisitions as they don’t dare touch the legacy [clients]’.  There are currently 14 banks under investigation by the US Department of Justice and other branches of the US government. Fines can be levied on accounts which had more than US$50,000 in them and which had not been declared to the US. Source: Financial Times