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Libor probe 'focused on Barclays'

Libor probe 'focused on Barclays'
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Barclays is reportedly the main focus of a probe into alleged manipulation of interbank lending rates known as LIBOR.

US and British regulators are investigating whether banks manipulated Libor to cut borrowing costs and reduce investor panic during the financial crisis.

The Financial Times reports they are looking at allegations that Barclays’ traders broke the “Chinese wall” rules by talking to its treasury operations which help set the rates.

The investigators are also focused on whether there was “any improper influence” on the information that Barclays submitted daily as part of a survey that is used to set the interbank borrowing rate, the newspaper reported.

A Barclays spokesman declined to comment on the newspaper’s report.

UBS disclosed earlier this month that it was a target of the probe. Bank of America Corp and Citigroup Inc have also received subpoenas from US regulators, the Financial Times has reported.

US regulators have also asked JPMorgan Chase & Co, Deutsche Bank, Citigroup and Bank of America to make employees available as witnesses in the probe, Bloomberg News reported on Wednesday.