Tom Hayes says UBS’s ‘Project Chocolate’ probe shows he was targeted from outset
- Posted on July 21, 2026
- By Financial Times
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- 1 min read
Former UBS trader Tom Hayes contends that the bank's investigation into LIBOR rate manipulation, internally dubbed 'Project Chocolate,' was fundamentally biased against him from the beginning. Hayes, known in financial circles as 'Tommy Chocolate,' maintains that the probe's methodology and findings were predetermined to establish his culpability in the rate-fixing scandal. His assertion raises critical questions about the fairness of internal corporate investigations and whether banking institutions can conduct impartial inquiries into their own misconduct.
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