Switzerland: UBS braces for forex-rigging fines

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

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

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