UBS AG may receive full immunity from European Union currency-rigging fines after it was the first to approach antitrust regulators in the probe, sparking criticism that the bank has received enough forgiveness.
UBS AG and Deutsche Bank AG said they don’t owe taxes over a 2003 compensation plan U.K. authorities argue was designed to avoid millions of pounds in taxes and national insurance contributions on employee bonuses.
U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG, Royal Bank of Scotland Group Plc and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
Citigroup Inc., the third-biggest U.S. bank by assets, will let managers of its hedge funds own part of the business ahead of rules that limit shareholders’ cash in the unit, Chief Operating Officer John Havens said.
Transactions within virtual economies or using virtual currencies may produce taxable income and the U.S. Internal Revenue Service should find low-cost ways to make taxpayers aware of compliance risks, according to a report by the Government Accountability Office.
UBS AG, Switzerland’s largest bank, faces a fine of about 45 million pounds ($71.7 million) for failing to detect billions in unauthorized trades by Kweku Adoboli, according to a person familiar with the situation.