A former Rabobank senior trader pleaded guilty in New York to conspiring to manipulate a benchmark interest rate tied to trillions of dollars of securities to benefit his trading positions, the U.S. said.
LIBOR, the London Interbank Offered Rate, is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.
Germany’s financial regulator, BaFin, is extending investigations into alleged interest-rate manipulation at Deutsche Bank, German magazine Der Spiegel reported.
A £600m provision for mis-sold payment protection insurance and this week's £226m penalty for rigging interest rates has dented profits at Lloyds Banking Group in the first half of the year.
The BoE has revealed plans to allow bonuses to be 'clawed back' up to 7 years after issuance, alongside criminalizing excessive risk taking.
The cost of the payment protection insurance scandal escalated again on Wednesday as Barclays took another £900m provision to cover the costs of compensating customers mis-sold the insurance product.
Lloyds Banking Group has suspended seven employees after it was hit with a £226m bill from regulators on both sides of the Atlantic for rigging crucial interest rates.
The Libor-rigging scandal took a new twist on Monday when Lloyds Banking Group faced accusations of unlawful behaviour after being ordered pay compensation to the Bank of England for manipulating the fees it paid for emergency funding during the height of the banking crisis.
Lloyds Banking Group has agreed to pay fines totalling $370m to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a government lending scheme.
Lloyds Banking Group is close to reaching a settlement with regulators over how much it should pay out for its role in the Libor-rigging scandal, the bailed-out bank has confirmed for the first time.
There may be loads of worthy developments contained in the second-quarter results statements of BP and Shell this week, but there's a chance nobody will be listening.
The U.K. Serious Fraud Office is readying more criminal charges this year against traders in its Libor-manipulation probe, according to people with knowledge of the matter.
The bank 'unable to take any disciplinary action' against an undisclosed number of people.
Lloyds Banking Group has fired eight staff and withheld £3m of bonuses following their “unacceptable” actions, which led to the bailed out bank being fined for Libor rigging.
The Financial Services Authority (FSA) has published its Internal Audit Report on the London Interbank Offered Rate (LIBOR).
You don't have to be reading one of John Le Carre's spy novels to believe his quote that "bankers will always get away with whatever they can get away with".
Fixing the price of gold, oil, and other financial products will become a criminal offence by the end of the year, the government announced on Thursday as it published a consultation on extending rules already introduced for Libor rigging.
In total RBS, Barclays and UBS will pay nearly $3 billion in fines stemming from the multi-year practice of artificially suppressing these benchmark interest rates, a practice that spanned the financial crisis and beyond. While the fines vary, the charges are becoming more egregious.
Tom Hayes, the former UBS and Citigroup derivatives trader, conspired with employees at HSBC, Rabobank Groep and other banks, as well as brokers, to manipulate Libor rates, prosecutors said Thursday.
Barclays has agreed to pay nearly $20m to resolve a U.S. class action lawsuit accusing the bank of manipulating the Libor benchmark interest rate, according to court papers filed Wednesday.