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UBS to pay £940m over Libor scandal

SWISS bank UBS agreed today to pay £940m to regulators in the biggest penalty yet from the industry’s Libor-rigging scandal.

The settlement, which includes a record fine of £160m from the UK’s Financial Services Authority, is far larger than the total of £290m paid by Barclays for Libor manipulation this summer.

The Zurich-based bank, which has around 6,500 staff in London, has endured a turbulent year after the jailing of rogue trader Kweku Adoboli.

 

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