1. Harsh

    Report: UBS to Be Fined $1 Billion

    A logo of Swiss giant banking UBS Swiss banking giant UBS is seen on October 30, 2012 in Zurich. UBS announced nearly 10,000 job cuts and a third quarter bathed in red due to a massive restructuring of its ailing investment bank, in the latest blow to a Swiss banking sector under fire.  AFP PHOTO / FABRICE COFFRINI        (Photo credit should read FABRICE COFFRINI/AFP/Getty Images)

    Fabrice Coffrini/AFP/Getty

    UBS will reportedly be fined more than $1 billion for its role in the LIBOR scandal, an attempt to rig global interest rates, Bloomberg reported on Friday. The amount is more than double the $467 million that Barclays agreed to pay for its role in the scandal. The fines, imposed by the U.S. Commodity Futures Trading Commission, the U.K. Financial Services Authority, and the U.S. Department of Justice, could be announced as early as next week, though the figure is still being negotiated and could change. The fine is expected to be the largest of any of the banks involved in the LIBOR probes.

    Read it at Bloomberg News