UBS Bank is back in the headlines. Just a few days after a former trader at its London office, Kweku Adoboli was jailed for losing the bank £1.4 billion pounds in risky deals. He was jailed for seven years in what was Britain's biggest fraud. The Financial Services Authority fined UBS just short of £30 million for letting the whole mess happen right under its nose.
This time the firm is all set to make a deal in the UK and US regulators over its part in fixing the LIBOR rate – the rate at which banks lend to one another – all to suit itself. You might remember Barclays Bank coughed up £290 million and the fallout was that their CEO Bob Diamond and the bank's Chairman both fell on their swords and resigned.
The New York Times is reporting that UBS has been trying to come to a similar deal with regulators here and stateside which might amount to them settling on a fine that might be about the same level as Barclays.
Written and presented by Marverine Cole