Report: $35B in penalties coming over currency-rigging

|By:, SA News Editor

UBS is lower by 1.8% in premarket action after a report from Autonomous Research suggests the bank could face $8B in fines and settlements related to currency-rigging charges.

In all, Autonomous sees $35B in penalties, with UBS seeing the largest bill. Coming in at place and show are Deutsche Bank (DB) with $4.4B and Citigroup (C) at $4.3B.

Autonomous is basing its estimates on the size of the fines handed out for Libor-rigging. "We acknowledge that our methodology is speculative, but it applies the theory that repeated wrongdoing attracts higher penalties, as witnessed elsewhere."

This was corrected on 06/12/2014 at 11:58 AM. The original item erroneously stated the potential fine faced by UBS.