UBS Fined $47.6 Million, Faces Higher Capital Level on Loss
UBS qualified for a 30 percent discount to the FSA’s fine, which would have totaled 42.4 million pounds, because it agreed to settle at an early stage, the regulator said. The bank also spent about 16 million pounds to date to engage an independent firm to investigate the trading incident, it said.
UBS’s disciplinary actions against employees included clawing back bonuses and withholding 50 percent of their deferred compensation from relevant individuals, totaling more than 34 million pounds, according to the FSA.
Bloomberg News
