This just breaking according to Bloomberg….”UBS SAID TO FACE FINES OF MORE THAN $1 BILLION IN LIBOR PROBES”
The Swiss banking giant could face fines from the CFTC, U.K.’s FSA and the Department of Justice, Bloomberg News’ Lindsay Fortado and Greg Farrell report citing a source familiar.
The fines could come as early as next week, according to the report.
This would be massively bigger than the fine Barclays was slapped with earlier this year.
Back in June, Barclays was hit with a $360 million fine by the Department of Justice and the CFTC for LIBOR manipulation. The bank also agreed to pay £59.5 million to U.K.’s Financial Services Authority as part of its punishment.
Shares of UBS were last trading slightly slower following the news.