Swiss and U.K. financial regulators have cracked down on UBS
AG after a former trader at its investment bank in London lost $2.3 billion,
the WSJ reports. Britain's Financial
Services Authority Monday said it fined the Zurich-based bank £29.7 million
pounds ($47.6 million), one of the biggest fines it has ever imposed.
"Failures of this type in firms of the size and
standing of UBS not only damage the firms concerned but also wider confidence
in the integrity of the markets and the financial system," said Tracey
McDermott, the FSA's director of financial crime.
Switzerland's equivalent regulator Finma, which doesn't have
the power to impose fines, said it would consider "whether UBS must raise
capital backing for its operational risks…..
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