Mitsubishi suspends two London traders over Libor

TOKYO/LONDON - Mitsubishi UFJ Financial Group has suspended two London-based traders as a result of a probe into the manipulation of interbank lending rates that is affecting a dozen or more major banks around the world.

By (Reuters)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 10 Jul 2012, 5:36 PM

Last updated: Tue 7 Apr 2015, 12:22 PM

BTMU, a core commercial banking unit of Mitsubishi UFJ, said the suspensions - which took effect last week - were not related to work done for the Japanese bank.

The traders, named as Christian Schluep and Paul Robson by a source close to Mitsubishi, worked together for years at Dutch lender Rabobank before joining the Japanese bank, according to the Financial Services Authority register.

“We continue to co-operate fully with various authorities’ investigations ... The suspension of these two individuals is not connected with their conduct at BTMU,” a bank spokeswoman in London said. She declined to comment further.

Both men are now listed as “inactive” on the FSA register.

Authorities in the United States, Europe, Japan and Canada are examining more than a dozen big banks over suspected rigging of the London Interbank Offered Rate (Libor), a benchmark for the rate at which banks lend to each other.

A Rabobank spokeswoman declined to comment. The Dutch agricultural bank is a member of the panel that sets Libor - which underlies financial contracts from mortgages to complex derivatives worth trillions of dollars.

Britain’s Barclays has been the only bank to admit wrongdoing, agreeing last week to pay a fine of more than $450 million. Its Chief Executive Bob Diamond has since left the bank.

More news from