As global investigations into the manipulation of interest rates continue, the United States Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center of the scandal, The New York Times reported.

The department is building criminal cases against several financial institutions and their employees, including traders at Barclays, the British bank, according to anonymous government officials. The authorities expect to file charges against at least one bank later this year, one official said. The prospect of criminal cases is expected to rattle the banking industry, prompting financial institutions to settle with authorities.

Collectively, the civil and criminal actions could cost the banking industry tens of billions of dollars.

READ MORE: MSNBC