“UBS faces a record fine of more than $1bn to settle allegations that it manipulated Libor as the worldwide probe into rigging of the benchmark rate gathers pace.

The bank and various authorities around the world are locked in last-minute negotiations that are likely to see UBS publicly settle as early as Monday, people familiar with the investigation told the Financial Times.

Such a fine would more than double the $450m Barclays paid a then-record settlement over Libor this summer- despite UBS partially winning leniency for cooperating with authorities.”

***

Read full Financial Times article here