A PYMNTS Company

Switzerland: UBS braces for forex-rigging fines

By  |  September 29, 2014

Swiss banking giant UBS is reportedly planning on receiving significant fines for allegations of foreign exchange rate manipulation.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The bank confirmed it is in settlement talks with authorities to settle allegations and warned investors that fines could be part of that deal. UBS did not name which authorities are part of the discussions, however; several jurisdictions around the world, including the US and UK, are investigating the matter.

    Earlier this year, the Swiss lender raised its provision to more than $2 billion to account for incoming fines. But according to reports, the bank now believes this may not be enough to cover financial losses.

    Reports emerged late last week that the UK’s Financial Conduct Authority is in discussion with UBS along with Barclays, HSBC, Royal Bank of Scotland, P Morgan and Citi about a possible forex-rigging settlement deal. Those reports were not confirmed by UBS, however.

    Full content: WHTC

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.