Deutsche Bank staff involved in Libor-fixing scandal
August 1 , 2012
Deutsche Bank has confirmed a "limited number" of staff were involved in the Libor rate-rigging scandal.
However, an internal inquiry had cleared senior management of attempting to manipulate the rate at which banks lend to each other.
The bank also announced it will cut 1,900 jobs, mostly outside Germany, due to the European economic downturn.
Banking authorities in Europe, Japan and the United States are looking into more than a dozen banks regarding suspected attempts to manipulate the London interbank offered rate (Libor) and its equivalents such as Euribor.
The rate is used to price trillions of dollars worth of financial assets.
The probe comes after both the chairman and chief executive of Barclays stepped down when the UK’s Financial Services Authority found the bank guilty of trying to rig the Libor rate last month.