December 19, 2012 |
WASHINGTON -- U.S. officials said Wednesday that banking giant UBS was motivated by "sheer greed" in rigging a key global interest rate and that the $1.5 billion in penalties the firm agreed to pay sends a strong message to the financial industry. The UBS settlement, which includes the company pleading guilty to felony wire fraud charges, follows a $450-million fine against British bank Barclays in the scandal over manipulating the London Interbank Offered Rate, known as Libor. The settlement involved U.S., British and Swiss authorities.
December 13, 2012 |
Swiss banking giant UBS may pay more than $1 billion to settle investigations into allegations that it conspired to rig key interest rates, according to published reports. The $1 billion in fines would more than double the $450 million British banking giant Barclays agreed to pay in June to settle charges that it manipulated key rates, including the London interbank offered rate, or Libor. Trillions of dollars' worth of consumer and financial products are pegged to Libor, including mortgages and swaps.
December 3, 2012 |
Another major bank is reportedly nearing a huge payout to settle government investigations into rigging of key interest rates. Swiss banking giant UBS is set to fork over more than $450 million to settle claims it manipulated the London Inter-bank Offered Rate, or Libor, according to the Wall Street Journal. The British bank Barclays agreed to pay $453 million to American and British authorities to settle similar charges earlier this year. The fallout included a major shakeup that saw the departures of the bank's chairman and chief executive.
October 30, 2012 |
Swiss bank UBS will cut 10,000 jobs as it exits from its fixed-income trading business and tries to cut costs and concentrate on wealth management. The Zurich, Switzerland-based institution, which stated that it is “significantly reshaping its investment bank,” said it will bring its head count to 54,000 by 2015 from 64,000 employees currently. Some 2,000 cuts will come from UBS front-office workers who deal directly with clients. In total, that's a 16% slice off the overall workforce.
September 12, 2012 |
Help wealthy people dodge taxes. Go to prison. And cap it off by getting $104 million for ratting out your former clients to the IRS. In one of the largest whistle-blower cases in U.S. history, the federal government is paying that amount to a globe-trotting banker who once smuggled a client's diamonds in a toothpaste tube to avoid detection by tax authorities. The financier, Bradley Birkenfeld, later confessed his transgressions and helped the Internal Revenue Service nab thousands of Americans who had stashed money overseas to avoid paying taxes.
September 11, 2012 |
It pays to rat out your tax-dodging clients. A former banker who helped wealthy Americans illegally evade taxes, and later confessed his transgressions and cooperated with the government, has been awarded $104 million in what appears to be the largest-ever whistleblower case. Bradley Birkenfeld, a globe-trotting financier at Swiss banking giant UBS, helped rich Americans set up phony companies to conceal secret Swiss bank accounts. He gave them credit cards to access their hidden cash.