Citigroup Inc on Friday agreed to pay US$100 million to settle charges that its bankers manipulated the London Interbank Offered Rate (LIBOR), an important interest rate used to price everything from credit cards to mortgages.
It is the latest major bank to settle charges related to the manipulation of the rate.
Citi is to pay US$100 million to the New York State Attorney General’s Office and 41 other states involved with the investigation, New York Attorney General Barbara Underwood said on Friday.
New York has been leading the LIBOR investigations due to size of its banking industry, which is concentrated around Wall Street.
The attorney general’s office said that Citi earned millions in revenue off manipulating LIBOR, along with other financial institutions.
“Our office has zero tolerance for fraudulent or manipulative conduct that undermines our financial markets,” Underwood said in a statement. “Financial institutions have a basic responsibility to play by the rules — and we will continue to hold those accountable who don’t.”
The LIBOR is reported at 11:30am in London each day and is a widely quoted interest rate used to price a myriad of financial instruments. Credit card interest rates typically use LIBOR as their benchmark.
Citi in 2013 paid US$95 million to EU authorities over its role in LIBOR manipulation.
Friday’s settlement “represents another significant step for Citi in resolving its legacy interbank offered rate litigation,” the bank said in a statement.
Several banks have been accused of, and have settled, charges that their traders and bankers manipulated LIBOR.
Swiss bank UBS AG has paid more than US$1.5 billion in fines and penalties to US and EU authorities for its manipulation of LIBOR.
JPMorgan Chase & Co paid more than US$100 million in fines to EU authorities for its role in interest rate manipulation and British bank Barclays PLC has paid more than half-a-billion dollars in fines and penalties to settle allegations.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
READY TO BUY: Shortly after Nvidia announced the approval, Chinese firms scrambled to order the H20 GPUs, which the company must send to the US government for approval Nvidia Corp chief executive officer Jensen Huang (黃仁勳) late on Monday said the technology giant has won approval from US President Donald Trump’s administration to sell its advanced H20 graphics processing units (GPUs) used to develop artificial intelligence (AI) to China. The news came in a company blog post late on Monday and Huang also spoke about the coup on China’s state-run China Global Television Network in remarks shown on X. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. “Today, I’m announcing that the US government has approved for us
RSS