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UBS Says It’s Part of US Probe Into Unapproved Staff Messaging

  • Morgan Stanley, Citigroup have flagged they’re expecting fines
  • U.S. regulators poised to levy about $1 billion in penalties

UBS AG signaled that it’s part of a broad probe by US regulators into messaging by bank employees that’s likely to saddle lenders with fines of about $1 billion.

The Swiss bank is co-operating with investigations by the Securities and Exchange Commission and the Commodity Futures Trading Commission “regarding compliance with records preservation requirements relating to business communications sent over unapproved electronic messaging channels,” it said in its earnings report on Tuesday.