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.