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London Scandals Risk City Reputation

Libor rigging occurs as Europe sets up bank regulator, which could disadvantage U.K.

By Kevin Crowley and Ambereen Choudhury, Bloomberg News | Updated on July 06, 2012

London risks losing its status as the world’s top financial center as the $360 trillion interest-rate fixing probe follows a series of market abuses by banks that eroded trust in a city already shrinking faster than rivals.

JPMorgan Chase & Co.’s trading loss of at least $2 billion, the alleged $2.3 billion fraud at UBS AG and the investigation of at least a dozen banks including Barclays Plc for rigging global interest rates all happened in London in the last year. The effect is taking a toll on the capital of a country enduring its first double-dip recession since the 1970s, which fired more financial-services workers than any other country in 2011 and again this year.

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