Citigroup set to settle with EU over Tibor probe, says report

|About: Citigroup Inc. (C)|By:, SA News Editor

The bank could be fined by year's end, reports Bloomberg, and, according to a source, is expected to settle in exchange for a 10% discount on the penalty.

At issue is a probe into the rigging of yen-based Libor ((Tibor)) submissions. Japanese regulators in 2011 ordered CItigroup (C) and UBS to suspend some operations after the banks' staff were found to have attempted to influence the rate. Tom Hayes - a former trader at both banks - is facing criminal charges in the U.K.

Separately, Credit Agricole (CRARY) and HSBC (HBC) have walked away from the EU settlement table as it relates to charges over the rigging of Euribor. Barclays (BCS), Deutsche Bank (DB), JPMorgan (JPM), RBS, and SocGen (SCGLY) remain in settlement talks and fines could come as soon as next month.