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Barclays says five staff fired over Libor rigging

Nov 28 2012 Steve Slater, Reuters

Barclays has fired five employees following its internal investigation of the rigging of Libor interest rates and disciplined another eight people, the head of its investment bank said on Wednesday. Rich Ricci, chief executive of Barclays' corporate and investment banking, said "a lot" of the individuals identified in its internal probe had left the bank so it could not take action against them. He said authorities had been told the details of those people. Barclays was fined $450 million in June by U.S. and UK regulators after it admitted manipulating the setting of Libor interest rates, a benchmark used to price loans and financial contracts. The scandal cost the bank's chairman and chief executive their jobs, and prompted Britain to set up an inquiry to assess standards in banking. "We carried out a very thorough investigation as you will have seen from the reports of the authorities and we have subsequently held an internal review and disciplinary process of those individuals,"

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