UBS is close to reaching a settlement with regulators in Switzerland and the UK for control failures that led to a $2.3 billion rogue trading loss, Reuters reported, citing an unnamed source.
The report came a few days after Kweku Adoboli, a trader at the Swiss bank’s “Delta One” desk, was convicted of fraud by a London court and jailed for seven years. An investigation into what happened at UBS had been suspended for the duration of the man’s trial.
UBS has finished its discussions with Finma, the Swiss regulator, and is finalising a settlement with the UK’s Financial Services Authority, the report said. When complete, both regulators will make a joint statement on the matter.
The news service said UBS, Finma and the FSA declined comment.