Bank faces $1.5B penalty for Libor manipulation

UBS has agreed with regulators in Switzerland, the U.K. and the U.S. to pay $1.5 billion to settle charges that it manipulated benchmark interest rates, including the London Interbank Offered Rate. "We deeply regret this inappropriate and unethical behavior," CEO Sergio Ermotti said. "No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity."

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