Swiss bank giant UBS (NYSE:UBS), the world’s largest private lender, is about to reach a settlement in the year-long global probe into allegations of misconduct at its precious metals trading business, as well as supposed collusion and manipulation in the foreign exchange market.The bank, FT.com reports, is just one of the six financial institutions expected to announce an agreement of at least $2.37 billion (£1.5bn) in fines on Wednesday to settle accusations of foreign exchange market rigging with the U.K.’s Financial Conduct Authority (FCA).The other five banks working on the settlement are U.S. banks JP Morgan (NYSE:JPM) and Citigroup (NYSE:C); Britain’s HSBC (LON:HSBA) and Barclays (LON:HSBA), and Royal Bank of Scotland (LON:RBS).
They are calling it manipulation in this article?? Strange!!
This was around 2015 and the swiss Banks payed there fines as soon as posible to avoid to much publicty in the end as it was then also about the time they had a refferendum about backing the swiss frank with gold again. So they were most likely under alot of pressure to settle this asap from the swis Gov.
This was not the first time they were fined for manipulation and it wont be the last. Got a few Banking freinds, there just criminals running them.
Swiss bank giant UBS (NYSE:UBS), the world’s largest private...
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