The UBS penalty is the second-largest fine paid by a bank and comes a week after HSBC agreed to pay the biggest of £1.1 billion to settle an investigation in the US into laundering money for drug cartels.
We deeply regret this inappropriate and unethical behaviour. No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity.
More top news
Nearly 300 staff have been axed at Russell Hume after the meat supplier collapsed into administration.
What would the Colonel say? KFC been forced to shut a number of its outlets across the UK after running out of chicken.
A former Birmingham University academic has been jailed for 32 years after abusing and blackmailing more than 40 victims online.