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Banks shiver as UBS swallows $885 million U.S. fine

Posted By admin On July 26, 2013 @ 10:24 am In Money Watch | Comments Disabled

Reuters [1]
July 26, 2013

UBS will pay $885 million in a settlement with a U.S. regulator over allegations the Swiss bank misrepresented mortgage-backed bonds during the housing bubble, paving the way for billions more to be paid by other banks.

European and U.S. lenders such as Credit Suisse and Deutsche Bank have set aside money to cover the cost of any losses arising from the dispute with the Federal Housing Finance Agency but estimates vary widely.

Shares in Royal Bank of Scotland, which had risen by a quarter since July 3 having slumped following the ousting of chief executive Stephen Hester in June, dropped over three percent on Friday after the UBS settlement was revealed.

Full article here [1]


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[1] Reuters: http://www.reuters.com/article/2013/07/26/us-usa-ubs-settlement-idUSBRE96O1FH20130726

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