NEW YORK (TheStreet) -- Shares of UBS AG (UBS) are down -0.71% in early morning trade after it was reported that the Swiss bank could end up paying $8 billion in fines to settle a probe into rigged currency markets, more than five times what it paid to settle charges it manipulated interest rates, according to a research report, the New York Post reports.
UBS had reportedly been cooperating with regulators in the U.S. and U.K. in hopes of getting a lenient fine.
The research report, issued by Autonomous Research, says that all Wall Street banks could face a total of $35 billion in fines for currency manipulation.
TheStreet Ratings team rates UBS AG as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate UBS AG (UBS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, reasonable valuation levels and good cash flow from operations. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."