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RBS Managers Condoned Libor Manipulation

Banks traders, managers routinely sought to influence Libor submissions.

By Liam Vaughan, Gavin Finch and Andrea Tan, Bloomberg | Updated on September 25, 2012

Royal Bank of Scotland Group Plc managers condoned and participated in the manipulation of global interest rates, indicating that wrongdoing extended beyond the four traders the bank has fired.

In an instant-message conversation in late 2007, Jezri Mohideen, then the bank’s head of yen products in Singapore, instructed colleagues in the U.K. to lower RBS’s submission to the London interbank offered rate that day, according to two people with knowledge of the discussion. No reason was given in the message as to why he wanted a lower bid. The rate-setter agreed, submitting the number Mohideen sought, the people said.

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