UBS pays $1.5 bn to settle Libor rigging in Japan
- Trouble mounts for Sreesanth as Mumbai cops gather more evidence
- SIT to seek Supreme Court guidance on Maya Kodnani death penalty issue
- Tamil Nadu police bans Yasin Malik-linked pro-Eelam public meeting
- Kings XI Punjab end IPL 2013 campaign with a win
- Narendra Modi: India losing sheen as agricultural nation
UBS said it will pay 1.4 billion Swiss francs ($1.53 billion) and admit wrongdoing at its Japanese arm to settle a wide-ranging, multi-regulator probe into how the Swiss bank's traders manipulated yen Libor and euroyen contracts.
The Swiss bank's fine is second-largest ever levied against a bank, after Britain's HSBC last week agreed to pay $1.92 billion to settle a probe in the United States into laundering money for drug cartels.
UBS CEO Sergio Ermotti urges staff to safeguard bank's reputation
UBS Chief Executive Sergio Ermotti urged staff to uphold the Swiss bank's reputation after the bank said it would pay $1.5 billion in fines and admitted to fraud over manipulating global benchmark interest rates.
"As I have said previously, no amount of profit is more important than safeguarding the good name of our firm," Ermotti wrote on Wednesday in a memo to staff seen by Reuters.
- Destitute, orphan students outclass rest in Andhra Class 10 exams
- To re-energise ties, PM wants to visit US, waits for confirmation
- NIA court says no terror link, frees 'Hizbul militant' Liyaqat on bail
- CBI arrests its coal allotments investigator on bribery charge
- ‘Cricketer-bookie Amit may have used Jiju to reach Sree’
- BCCI chief N Srinivasan says police must prove spot-fixing allegations