Tom Hayes Libor trial: Sacked trader was 'poised to join rival,' court hears

 

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The Independent Online

Two rival international banks immediately tried to hire the former city trader Tom Hayes after he was fired by Citigroup bank in 2010 following an internal investigation into allegations of rigging the Libor lending rate, a court has heard.

Bank of America in New York and Deutsche Bank were happy to hire him because it was rumoured he had been fired for losing money, not for trying to rig Libor, Mr Hayes told Serious Fraud Office (SFO) investigators.

He denies eight charges of conspiring to manipulate Libor, the London interbank offered rate – a benchmark interest rate used to value loans and financial securities worth trillions of dollars around the world.

Mr Hayes was poised to sign a contract with Bank of America in New York in January 2011. The offer was withdrawn when a rival bank warned he was “too risky.” He later told the SFO that when Deutsche Bank found out, it cancelled his interview.

Southwark Crown Court heard how Mr Hayes, 35, kept his £2.2m Citigroup bonus after being dismissed. He denied the bank’s claims that he had tried to rig Libor and said he had not been given a chance to defend himself.

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