UBS Regrets, Names Emerging Markets Exec

Singapore

UBS said it is cooperating with Singapore's regulator following the city-state's censure of 20 banks whose traders were found to have manipulated benchmark borrowing and currency rates.

Reuters reports that UBS said in a statement: 'These were the actions of a few in the past, and we regret the inappropriate behaviour of those involved'.

The Monetary Authority of Singapore said that it had found 133 traders had tried to inappropriately influence the rates, and ordered the banks which employed them to set aside additional reserves for a year.

In the meantime, Bloomberg reports that UBS has said that Sara Ferrari will coordinate the development of the emerging markets business within the investment bank as the biggest Swiss wealth manager expands in those regions, according to an internal memo.

Ferrari will take on the role in addition to her position as the head of strategy at the investment bank reporting to Andrea Orcel, the CEO of the division, according to the memo from the unit’s executive committee.

UBS says cooperating with Singapore regulator in rate review

UBS Investment Bank Names Sara Ferrari to Emerging Markets Role

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