UBS AG, Switzerland’s largest bank, has terminated approximately 24 traders and managers in connection with the recent scandal involving manipulation of the London interbank offered rate — commonly referred to as Libor.
Swiss newspaper Der Sonntag reported that the fired traders may have been involved in a fraud ring with traders at other banks that have been mentioned in the scandal, while the managers have been accused of improperly monitoring transactions or refusing to participate in internal investigations, NASDAQ reports.
UBS is just one of several big banks, including Citibank, Deutsche Bank AG and Royal Bank of Scotland, that are being investigated for their participation in Libor manipulation, a key interest rate used in derivatives contracts and other financial products and services.
Last month, Barclays agreed to pay $453 million to British and U.S. authorities for its participation in Libor manipulation. Public ire resulting from the scandal led Barclays former CEO Bob Diamond and former chairman Marcus Agius to resign from the company.
Investigators and several lawyers familiar with the multiyear Libor investigation said that prosecutors may be able to charge traders with wire fraud, a charge that does not require them to have successfully manipulated Libor, only that they sought to do so, according to Reuters.