The Swiss may be parting with $8 billion in the near term, approximately $6.5 billion more than it was aiming for.
UBS could end up paying a whopping $8 billion in fines to settle a probe into rigged currency markets — that’s more than five times what it paid to settle charges it manipulated interest rates, according to a research report. The Swiss bank had reportedly been cooperating with regulators in the US and UK in hopes of getting a lenient fine. UBS self-reported its manipulation of WM/Reuters exchange rates, hoping that a confession of its wrongdoing would absolve it from punishment. The bank paid about $1.5 billion in fines for rigging Libor, the interest rate used by banks on trillions of dollars of loans made to other banks.