UBS agrees to pay $545M in manipulation probes

Swiss banking giant UBS agreed Wednesday to pay $545 million to settle a probe by U.S. authorities into its role in manipulating interest and currency rates.

The bank agreed to plead guilty to one count of wire fraud following allegations it violated the London Interbank Offered Rate, a benchmark interest rate used by banks when charging each other for short-term loans, according to USA Today.

"The conduct of a small number of employees was unacceptable and we have taken appropriate disciplinary actions," UBS Chairman Axel Weber and Sergio Ermotti, its CEO, said in a statement.

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