The bank is expected to announce next week that it has reached a combined $1BN deal with US and British authorities to settle an investigation into the role it is alleged to have played in rigging global borrowing rates.
To put the $1BN into context, LIBOR is the basis for $800 TRILLION of financial products. The banks that participated in its rigging would have made billions out of this over the years.
Additionally, UBS's bonus pool was $2.79BN in 2011.
Therefore shed no tears for them!
To put the $1BN into context, LIBOR is the basis for $800 TRILLION of financial products. The banks that participated in its rigging would have made billions out of this over the years.
Additionally, UBS's bonus pool was $2.79BN in 2011.
Therefore shed no tears for them!
