UBS pays $1.5 bn to settle Libor rigging in Japan

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.

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