Deutsche Bank, HSBC Traders Investigated In Libor Probe
Published Thursday, 19 July 2012 12:10 | Written by Amwal Al Ghad
Regulators are investigating the possible roles of Michael Zrihen at Credit Agricole, Didier Sander at HSBC and Christian Bittar at Deutsche Bank, the person said on condition of anonymity because the investigation is continuing. The Financial Times reported names of the banks and traders earlier.
Philippe Moryoussef, who last month left his job as a Singapore-based derivatives trader at Nomura Holdings Inc., is also under investigation for his role in the conduct at Barclays, where he worked from 2005 to 2007, according to two people with knowledge of the matter.
Barclays, the U.K.’s second-largest bank by assets, was fined a record $451 million by U.K. and U.S. regulators in June for rigging the London and euro interbank offered rates. Traders tried to manipulate the benchmark to boost profit, while managers instructed rate-setters to make artificially low submissions to avoid the perception the lender was under stress amid turmoil in credit markets in 2007 and 2008.
The probe has engulfed officials from the Bank of England, who have been accused of encouraging banks to communicate about their rates. Three top Barclays executives -- Chairman Marcus Agius, Chief Executive Officer Robert Diamond and Chief Operating Officer Jerry Del Missier -- have resigned under pressure from regulators and Parliament.