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More banks to pay dear for Libor fixing

More banks to pay dear for Libor fixing
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The Financial Times is reporting that as well as Barclays, another 11 global banks will be implicated in the Libor scandal.

And according to analysts at Morgan Stanley the total cost of paying regulators and legal settlements could be 11.5 billion euros for those banks over the next two years.

Barclays has already admitted manipulating Libor, a key interest rate for loans and derivatives.

The Morgan Stanley analysts estimated that 2012 earnings will be reduced for Bank of America , Citigroup, JPMorgan Chase, Credit Suisse Group, UBS, Deutsche Bank, Societe Generale, Royal Bank of Scotland Group, HSBC Holdings and Lloyds Banking Group.

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