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UBS to Curb Bonuses Amid Swiss Currency Probe of Staff

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UBS AG has been ordered to cap bonuses for foreign-exchange and precious-metals bankers as Switzerland’s regulator probes 11 of the bank’s current and former employees as part of its inquiry into currency rigging.

The Swiss Financial Market Supervisory Authority, or Finma, is investigating the spot-trading desk based near Zurich, where the investment bank is located. The unit employed about 14 people in the period under probe, and Finma is questioning individuals including senior managers of foreign-exchange and precious-metals trading, it said.