US regulators warned that they will continue pursuing individuals in the wake of the Wall Street settlement after handing out lifetime bans to Jack Grubman, Citigroup's former star telecoms analyst, and Henry Blodget, Merrill Lynch's former internet analyst.

Eliot Spitzer, New York State attorney general said: "There are ongoing investigations into individual conduct. Watch this space," as the regulators unveiled details of their settlement with Wall Street firms over conflicts of interest.