Switzerland's biggest bank UBS AG (UBS) has fired about 24 traders and managers in connection with an investigation into the manipulation of benchmark Libor interest rate, Swiss newspaper Der Sonntag reports.
The dismissed dealers could have been part of a fraud ring with other banks allegedly involved in the affair, while the managers are accused of not carrying out their monitoring duties correctly or boycotting an internal probe, the paper says citing unnamed UBS sources.
Dominique Gerster, a spokesman at UBS, declined to comment on the report.
UBS is one several banks, including RBS, Citibank and Deutsche Bank AG (DB), being investigated over the London Interbank Offered Rate, which is used as a benchmark to set more than 800 trillion dollars in transactions worldwide.
Last month both Barclays PLC (BCS) chairman and chief executive both resigned after the bank was found guilty of trying to rig the Libor rate by U.K.'s Financial Services Authority.
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(END) Dow Jones Newswires
August 05, 2012 11:47 ET (15:47 GMT)
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