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UBS set for $1bn Libor fine

UBS Bern 480

UBS will be hit with a $1bn (£620m) fine for its role in the manipulation of Libor, according to reports.

The total amount is reportedly a combination of the penalty from US and UK regulators.

Barclays is the only bank to have been hit with fines relating to manipulation of the London Interbank Offer Rate so far.

In June, Barclays was fined £290.1m by regulators in the UK and the US for misconduct relating to Libor, including a £59.5m fine from the FSA.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. A bank can’t manipulate anything as whilst it is a legal entity, it doesn’t have any hands (and probably doesn’t have a brain either)
    Individual hands have been involved in this, so a fine of whatever figure against the shareholders is penalising only one beneficiary of the manipulation and not the physical manipulator(s). As a mimumum those physcially involved need to be named and be barred from practicing elsewhere, they have also received bonuses which should be reclaimed. If this wre a crime (it is morally even if not legally), then the money would be recovered as a proceed of crime from those who benefitted.
    Come on, wake up and smell the cofee, we have had a war in the middle east (Iraq and Afghanistan) that has now gone on for twice as long as world war two and at the sametime we have black market profiteers falsifying markets.
    Were I a serviceman coming back to this s**t I might be tempted to take more extreme action.

  2. Got to agree with anon @ 5.10pm – what on earth is going on? The FSA micromanage the advice and sales process, at a huge cost and for little benefit to the consumer over the last two decades. Meanwhile UBS, Barclays etc… manipulate interest rates; HBoS and Standard Chartered delve into Iranian money without properly checking where it originated; PPI misselling continues unabated for over 20 yrs to the tune of £10bn.
    The regulator can’t be expected to foresee everthing but come on, there were some very large and smelly elephants in the room whilst they poked around with logo sizes on disclosure documents.
    To cap it all, Sants was bunged £500k pa to ‘manage’ this bungling. He gets the last six months as a freebie and then freeloads into another job with one of the biggest culprits based on his previous job title. It must be the title he had not the job he did because he didn’t do it well, he was promoted beyond his ability long ago. Even Her Majesty didn’t seem too amused.

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