Interest Rate, Financial Institution | featured news

Big Challenge for New Barclays CEO

Barclays has moved quickly to fill the void at the top. The bank Thursday named Antony Jenkins, the head of its retail and business banking unit, to succeed Robert Diamond, who was forced to resign July 3 after the Libor rate-rigging scandal.

 

7 banks subpoenaed over rate-fixing

The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, a person with knowledge of the matter told The Associated Press on Wednesday....

 

Libor rate overhaul launched by UK regulator

Libor

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.

 

Banks in Libor Inquiry Are Said to Be Trying to Spread Blame

Libor

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.

 

Barclays dragged into new probe after Libor blow

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.

 

DealBook: Libor Scandal Shows Many Flaws in Rate-Setting

Libor

It is an open secret in the banking world: the interest rates for many mortgages and loans are based on a benchmark that is largely guesswork. The flaws in the rate-setting process, which is used to determine the pricing for trillions of dollars of financial products, have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis.

 

DealBook: U.S. Builds Criminal Cases in Libor Rate-Fixing Scandal

The prospect of criminal cases related to the Libor scandal is expected to rattle the banking world and provide a new impetus for financial institutions to settle with the authorities.

 

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