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UBS latest bank to be hit with multimillion Libor fine

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Swiss bank prepares to pay a fine of around £630m for rigging Libor, a fresh embarrassment after the Kweku Adoboli trading scandal.

 

Banks face another big hit to their reputation as UBS of Switzerland prepares to pay a fine of around £630m for rigging Libor – more than twice the amount Barclays paid for attempting to manipulate the key interest rate. Details of the settlement with the Financial Services Authority and a number of US and Swiss regulators are expected to be released next week. The news will be a fresh embarrassment for the Swiss bank after Kweku Adoboli, a former employee, was jailed for fraudulent trading last month.

The potential scale of the fine emerged during a week in which the Serious Fraud Office made its first arrests in the Libor scandal and two British banks – Standard Chartered and HSBC – paid out a total of more than £1.6bn to settle damaging allegations of money laundering and sanctions busting from the US authorities.

 

A former trader from UBS was among three men arrested on Tuesday by City of London police and the SFO in the Libor investigation, which was sparked by Barclays' £290m fine in June. Tom Hayes, who has worked for Citigroup as well as UBS, and two men who worked for City-based inter-dealer broker RP Martin – Terry Farr and Jim Gilmour – were named as those arrested. UBS is not the only bank braced for the fallout from the Libor scandal; bailed-out Royal Bank of Scotland has prepared the ground for a huge fine – also possibly bigger than Barclays' – in the coming weeks. Allegations about RBS's role in the scandal have emerged from Singapore where court filings alleged its traders described the benchmark rate as a "cartel".

 

More: http://www.guardian.co.uk/business/2012/dec/13/ubs-bank-libor-fine


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