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UBS Dismisses Traders and Managers Over Libor, Der Sonntag Says

UBS AG has dismissed about two dozen traders and managers in connection with an investigation of manipulation of the London interbank offered rates, Der Sonntag reported.

The Swiss bank terminated the traders for possible involvement in a fraudulent ring across several banks and the managers for not exercising controls or for boycotting an internal investigation, the newspaper reported today, citing an unidentified person familiar with the proceedings. Dominique Gerster, a spokesman at UBS, declined to comment on the report.

UBS is among firms including Citigroup Inc., Royal Bank of Scotland Group Plc and Deutsche Bank AG being investigated worldwide for practices in setting Libor.

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