UBS to pay almost £1bn in fines

Fraud, bribery and rate-rigging in the banking industry were laid bare today as Swiss bank UBS agreed a £940m (€1.16bn) settlement with regulators in another damning day for the sector.

Britain's financial regulator said attempts at UBS to manipulate Libor interbank lending rates were "extensive and widespread", while it found traders were openly bribing and colluding with external brokers.