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Libor benchmark interest rates are no longer "fit for purpose" and must be changed or replaced, Britain's regulator said on Friday as he set out proposals to restore their credibility.

Trading losses at Knight Capital Group Inc were about $270 million after taxes from the August 1 software glitch that sent the firm scrambling for a financial lifeline, Chief Executive Tom Joyce told clients in a letter.

JPMorgan Chase on Thursday formally revised its first-quarter financial results to show a lower profit, after deciding that traders at its main investment arm had overstated the value of certain derivatives.

New York's top bank regulator threatened to strip Standard Chartered Plc of its state banking license, saying the British bank was a "rogue institution" that hid $250 billion in transactions tied to Iran, in violation of U.S. law.

The investigation into the manipulation of the Libor benchmark interest rate has led banks to seek to implicate their rivals, according to government and bank officials.

Knight Capital Group Inc looked set on Sunday to receive a $400 million capital injection from a group of investors, as it sought a rescue deal to avoid bankruptcy after a crippling $440 million loss, two sources familiar with the situation said.

Knight Capital Group Inc's future remained in flux as it headed into the weekend trying to clinch a rescue deal, but there was skepticism on Wall Street that one of the largest U.S. equities trading firms would find a suitor before Monday.

Trading firm Knight Capital is being forced to raise money after an erroneous trading position wiped out $440 million of the firm's capital, Knight said in a statement on Thursday.

Financial markets will still be waiting to see whether the bank’s president, Mario Draghi, has other moves in mind.

Barclays Plc revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.