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Stock Market & Financial Investment News

News Breaks
January 28, 2013
07:45 EDTC, HBC, UBS, JPMUBS Chairman Weber proposed Libor settlement, Reuters reports
UBS (UBS) Chairman Axel Weber brought up the possibility of an industry-wide settlement for the rest of the banks involved in the Libor rate fixing scandal at a meeting of top bankers in Davos, sources say, reports Reuters. Weber argued that a settlement would prevent further reputational damage to the industry. One of the sources said that although the idea was discussed briefly during the meeting, there was no agreement on pursuing it. Among the bankers and officials at the meeting were Bank of Canada Governor Mark Carney, JP Morgan Chase (JPM) CEO Jamie Dimon, Citigroup (C) CEO Mike Corbat and HSBC (HBC) Chairman Douglas Flint. Reference Link
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