UBS eyes bonus clawback over FX fines

Swiss banking giant UBS, one of six banks fined last week for attempting to manipulate foreign exchange markets, has confirmed it was considering taking back bonuses from traders over the scandal.

A spokeswoman said the bank would especially aim to cancel the payment of deferred bonuses in cases where wrongdoing was found.

Another of the fined banks, Royal Bank of Scotland Group, said it could take similar action.

"We are still working our way through disciplinary and accountability processes involving over 50 employees and their managers," RBS chief Ross McEwan said in a statement on Friday.

"While we will treat all people fairly, those who have been found lacking in conduct or accountability terms will be dealt with appropriately, including through claw back, award forfeiture, or through formal disciplinary procedures."

Along with RBS and UBS, HSBC and US rivals Citigroup and JP Morgan Chase were together slapped with US$4.2 billion in fines by global regulators on Wednesday. The hefty fines, unveiled in London, Washington and Zurich, followed a worldwide probe into the scandal over the US$5.3-trillion-per-day foreign exchange market, about 40 per cent of which takes place in the British capital.