News

Seven of the world’s largest banks are facing fresh scrutiny from a powerful US state prosecutor over their role in the alleged rigging of Libor, the lending gauge at the centre of an international scandal.

Eric Schneiderman, New York attorney-general, has sent subpoenas to Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS in the latest probe into banks' setting of the London Interbank Offered Rate, according to people familiar with the matter and regulatory filings.

UNI and its affiliates urge major culture change in the financial sector. Appropriate regulatory measures need to be put in place to protect the “whistle-blowers” which had been revealing unethical behaviour since 2007. Bank employees must be seen as vectors of change.

See also the previous article about Barclays.