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
Downpours keeping us on our toes today
The M20 in Kent has been closed in both directions after a pedestrian bridge allegedly collapsed on the motorway on Saturday.
The AA have warned of traffic jams and urged people to carry extra water in their vehicles because of the warm weather.