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Britain’s Libor needs ‘complete overhaul’: watchdog
Britain’s Libor interest rate needs a “complete overhaul” in the wake of the Barclays rate-rigging scandal, the nation’s finance regulator will say Friday in an eagerly-awaited review. The Financial Services Authority will make the key recommendation in an independent report commissioned by British finance minister George Osborne in the wake…
HSBC scandal erupts as British banks face shake-up
A scandal erupting at Europe’s biggest bank HSBC has added to concerns over the state of Britain’s financial sector amid the Barclays rate-rigging affair and as the industry faces a major shake-up. HSBC last week apologised and its head of compliance David Bagley resigned after US lawmakers accused the London-based…
LIBOR scandal: What is it and why you should care
LIBOR scandal: What is it and why you should care The latest banking fraud is centered in Britain, where the financial firm Barclays will pay half a billion dollars in fines for efforts to manipulate a benchmark interest rate. Other banks must have been involved, though, and the full range…
4 banking giants ‘under spotlight’ in Libor scandal
Regulators are investigating Credit Agricole, HSBC, Deutsche Bank and Societe Generale over the Libor manipulation scandal that claimed the boss of British bank Barclays, the Financial Times reported Thursday. Citing sources close to the probes, the FT said regulators were examining evidence of links between traders at all four banks…
Former Barclays chief Bob Diamond could be brought before Congress, sources say
Washington politicians considering asking former Barclays chief executive to testify as Libor-fixing controversy crosses to US US politicians are considering summoning Barclays’ former boss Bob Diamond to Washington to answer questions about the Libor-fixing scandal, in a sign that the controversy is becoming an ever hotter issue in the US.…
Barclays’ Bob Diamond to forgo £20 million bonus
Former Barclays chief executive Bob Diamond will give up bonuses worth £20 million after resigning over a rate-rigging scandal, the bank’s chairman said Tuesday. But chairman Marcus Agius told a British lawmakers investigating the scandal that Diamond, whose pay packages during the financial crisis were fiercely controversial, would still receive…
Barclays rate-rigging scandal sends shockwaves through world finance
The Barclays rate-rigging scandal is sending shockwaves through world finance, putting ethics and regulation under scrutiny, and raising the prospect of criminal charges in a sector-wide global probe. Britain’s Serious Fraud Office said Friday it will investigate the interbank rate manipulation scandal which has engulfed Barclays, forced three top resignations,…
Barclays Bank chairman to quit in lending rate scandal
LONDON — The chairman of Barclays Bank is set to step down after the group was fined for attempting to manipulate the inter-bank lending rate, the BBC reported on Sunday. Marcus Agius will announce on Monday that he is to leave his post in the face of public and political…
British minister calls for banker prosecutions
Britain’s justice minister called Saturday for criminal prosecutions of bankers and stronger financial regulation after scandals erupted over rate manipulation and mis-selling by major lenders. “We are very bad at prosecuting financial crime in this country,” Justice Secretary Ken Clarke told BBC radio. “I suspect financial crime is easier to…
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