Deutsche traders suspended in Libor inquiry
Monday 09 July 2012
Deutsche Bank suspended two traders after it brought in external auditors to look at whether its staff were involved in manipulating Libor interbank lending rates.
The German banking giant, which has extensive investment bank operations in London, admitted it had received subpoenas and requests for information about Libor from 2005 to as recently as last year from US and European regulators in its quarterly results in March. It declined to comment further yesterday after the German magazine Der Spiegel reported it had suspended two employees earlier this year.
Investigators around the world are examining more than a dozen big banks over allegations that the Libor rates were manipulated. Traders have been suspended, fired or placed on leave at banks including JP Morgan Chase, Royal Bank of Scotland and Citigroup as well as Deutsche.
At the end of last week, BaFin, the German market regulator, stepped up its investigation into Deutsche's role fixing Libor, designating it a "special investigation". The results of the inquiry are expected later this month, putting Deutsche in line to be the next major bank after Barclays in the spotlight over the Libor.
Deutsche is a member of the 10 panels of banks that submit interbank lending rates for the daily fixes in currencies ranging from sterling to the Japanese yen and Swiss franc.
- 1 David Sedaris: What I learnt from Fitbit about the world around me
- 2 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Cee Lo Green: 'It's only rape if the victim is conscious'
- 5 Katie Hopkins in tears over weight gain challenge: ‘I hate fat people for making me do this’
Emma Watson on Jennifer Lawrence nude photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
Jessica Brown Findlay: Downton Abbey actress is linked to list of celebrities targeted by hackers
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Steven Sotloff 'beheading': British captive shown in Isis video which claims to show death of second US journalist
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£30000 - £45000 per annum + benefits+bonus+package: Harrington Starr: Front-Of...
£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...
£700 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, J2EE, J...
£500 per day: Harrington Starr: SQL Developer SQL, C#, Stored Procedures, MDX...