Libor scandal: special focus

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Euromoney's latest coverage of the rate manipulation and fallout.

Barclays Libor affair: a reminder of what they said
April 2017

Barclays HQ-600
The BBC is broadcasting tonight an episode of Panorama that will present new material relating to the Barclays Libor affair: here is a guide to some of the related evidence from the UK Treasury Select Committee inquiry in 2012.

The Fix – meet the Libor scandal’s ‘Trader A’
February 2017 

Tom Hayes Libor-R-600
The story of convicted Trader A – Tom Hayes – lays bare the actions of a few cliques that masterminded the headline-grabbing Libor scandal, but despite Hayes’ conviction it is still notoriously difficult to pin blame on individual traders even if a firm admits wrongdoing.

Defending Lord Libor – Icap's Colin Goodman
September 2013
There has been widespread condemnation of the manipulation of Libor settings by employees of interdealer broker Icap, and rightly so. But the time has surely come for defenders of former Icap employee Colin Goodman, aka Cash Broker A, aka Lord Libor, aka Lord Bailiff, to step forward.

NYSE lands Libor amid regulatory turf war
August 2013
No conflict of interest with derivatives business, says CEO; rate must be anchored to market data.

Treasuries must move quickly on Libor changes, analysts say 
February 2013
The global race for alternative benchmarks to the much-maligned Libor is intensifying but much more work on due diligence and counterparty risk needs to be conducted.

Bank analysts warm to impact of RBS’s Libor fine 
February 2013
Bank analysts have come out broadly positive on Royal Bank of Scotland’s agreement with UK and US financial regulators to pay a combined fine of £390 million to settle charges its investment banking arm manipulated Libor.

Honourable Hourican leaves RBS with head held high 
February 2013
RBS’s investment banking head John Hourican is the fall-guy for the bank’s Libor-rigging fine, but he should be lauded for the job he has done in the most difficult circumstances.

Reshaping UBS
February 2013
By cutting back its investment bank sharply, UBS chief executive Sergio Ermotti has laid down a challenge to competitors and enthused shareholders who bid the stock up even after big Libor-related fines led to a hefty fourth-quarter loss. Details of the restructuring still remain sketchy, but it now seems that the private bankers wielding power at the top of UBS want to keep fair chunks of the investment bank. Has Ermotti found the keys to a resurgent UBS?

Libor manipulation set to become a criminal offence in UK
November 2012
Tim Strong, a partner in the financial disputes team at international law firm Taylor Wessing, says new proposals from the Treasury at cracking down on Libor misconduct could be far-reaching for the banking sector - and will introduce tougher sanctions on the UK than the rest of Europe.

No bonus? Try whistle-blowing instead 
October 2012
The award of $104 million to UBS tax whistle-blower Bradley Birkenfeld in September showed that there is still good money to be made in banking. It just may come in the future from turning in your former colleagues and bosses to the authorities.

Plea bargaining hits banks with a backhander
October 2012
The business of selling out your employer for a cash reward is still in its infancy. But the slow grinding of the wheels of regulatory justice is throwing up increasing numbers of employees who are providing evidence against employers to dodge or mitigate punishment.

Scandals: Banks’ operational risk rockets to new high
September 2012
Operational risk more expensive than credit risk; Rearguard action hobbling future growth

Libor scandal: Counting the cost of the fix
August 2012
Estimates of the impact of the Libor scandal have so far focused on potential direct costs in the form of fines and litigation expenses, tied to speculation about which investment bankers will be forced to follow Bob Diamond and Jerry del Missier of Barclays into unscheduled retirement. 

Libor Scandal: JBIC move highlights Libor damage at Barclays
August 2012
Scandal to test client loyalty; Reputational and counterparty risks acute

BoE and BBA Libor emails: Best of British
August 2012
The recent publication of email exchanges from 2008 between the Bank of England and the British Bankers’ Association about Libor reform cast both in a poor light.


Brilliant Bob Diamond’s luck finally runs out 
July  2012
It was Diamond’s hubris that ultimately triggered his untimely demise as Barclays' CEO, tarnishing a uniquely successful 16-year career as the architect of a global investment banking franchise. But his successor inherits a banking diamond that needs an awful lot of polishing.

Barclays' "we weren't the only one" Libor defence
July 2012
Why did Barclays choose to settle first with respect to the Libor manipulation saga, given this week's damage to its franchise, and the departure of Bob Diamond? And just how large was its interest-rate derivatives exposures?

Dissecting Barclays' Libor woes
June 2012
Bob Diamond is banking that the Libor manipulation scandal will trigger industry-wide litigation to even out the pain.

Interview with Minos Zombanakis, Chairman, Group for International Study & Evaluation
February 1999