EDINBURGH (dpa-AFX) - British lender Royal Bank of Scotland Group Plc (RBS.L, RBS) dismissed some emplyoees who are said to have tried to manipulate the London interbank offered rates, or Libor, Bloomberg reported.
The Libor is the average interest rate that leading banks in London charge when lending to other banks. A global investigation is on to find out whether attempts were made to manipulate Libor, Tibor and Euribor. Tibor and Euribor are the Tokyo and euro interbank offered rates, respectively.
Traders at various banks were reportedly found to be trying to influence the movement of such benchmarks to make a profit from derivatives attached to the rates.
RBS fired Paul White, Andrew Hamilton and Neil Danziger in London and Tan Chi Min was dismissed in Singapore for gross misconduct.
Hamilton, an investment adviser, and Danziger, a trader, left in October. They are now listed as inactive on the U.K. Financial Services Authority's register, which lists people approved to work in the industry. White also was a trader and he left in November. None of the three has been accused of wrongdoing by regulators.
Tan Chi Min was the former chief of delta trading for RBS's global banking and markets division in Singapore. He also has not been accused of wrongdoing by authorities. Tan Chi Min is suing the bank over his dismissal.
RBS.L closed on Thursday lower by 0.10 percent at 28.81 pence on 121.82 million shares.
Copyright RTT News/dpa-AFX
© 2012 AFX News
