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Cost of doing business: UBS faces $1.6 billion fine over Libor rigging: paper

December 16, 2012
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Source: Reuters

UBS sign

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People familiar with the matter told Reuters on Friday UBS could reach a $1-billion-plus settlement and admit to criminal wrongdoing by its Japanese arm, where one of its traders manipulated yen Libor and euroyen contracts.

Between 25 and 30 people have left UBS over the matter, the sources said. The Swiss bank had hoped for a softer touch from regulators by cooperating in industry-wide probes and was surprised by the size of the expected settlement, they added.

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