Swiss bank UBS faces a fine of around $1bn - or £620m - for fixing the interbank lending rate Libor.

UBS is expected to be hit with a fine of around $1bn to settle Libor manipulation charges. The total amount - worth around £620m - will be a combined penalty from US and UK regulators, and is expected to be confirmed early next week. UBS declined to comment on the news. It comes two days after the Serious Fraud Office made three arrests as part of its investigation into the fixing of the interbank lending rate. Sky sources suggested that one of the people detained previously worked as a trader at UBS, which has a big presence in the City of London. Last month, the Financial Services Authority fined the Swiss bank £29.7m for internal failings that allowed a London-based rogue trader to cause the biggest fraud in British history.....Read more here: UBS Faces $1bn Fine Over Libor Manipulation