UBS has been ordered to cap bonuses for foreign-exchange and precious-metals bankers as Switzerland’s regulator probes 11 of the bank’s current and former employees as part of its inquiry into currency rigging.
Bloomberg News reports that the Swiss Financial Market Supervisory Authority, or Finma, is investigating the spot-trading desk based near Zurich. The unit employed about 14 people in the period under probe, and Finma is questioning individuals including senior managers of foreign-exchange and precious-metals trading, it said.
The measures, which include $139m in profit that Finma ordered UBS to repay, the highest ever levied by the regulator, are part of the firm’s settlement of an international probe that also involved five U.K. and U.S. banks. UBS was fined $372m by the U.K.’s Financial Conduct Authority and $290m by the U.S. Commodity Futures Trading Commission.
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