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

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.

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Comments (2)
  • marketnews09
    , contributor
    Comments (116) | Send Message
    Just think of it. If it wasn't for the banks, the gov't would all be going broke. I am beginning to think that the gov't are staying afloat by suing and getting money from the banks!!!!!!!!!!! I wonder when the gov'ts are going to start suing the ones who do the reporting. They must have oodles of money!
    7 Nov 2013, 04:22 PM Reply Like
  • stoj
    , contributor
    Comments (780) | Send Message
    not really. But the banks create most of the credit, which can counteract a recession. When they fail, QE steps in
    7 Nov 2013, 05:46 PM Reply Like
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