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UBS fined £940m for rate-rigging

Swiss bank UBS has agreed to pay £940 million in penalties over fixing the Libor interbank lending interest rate. The penalty was agreed with US, UK and Swiss regulators. It is to pay a record £160 million fine to the Financial Services Authority.

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UBS regrets 'unethical behaviour' over rate rigging

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.

– UBS Chief Executive Sergio Ermotti

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