Financial security

Deutsche Bank hit with largest Libor fine in history

Germany’s biggest bank has been forced to fire seven senior employees, pay a £1.7bn fine and admit criminal guilt in the most severe punishment for interest-rate benchmark manipulation in history.

Four regulators in the UK and US hit Deutsche Bank with unprecedented fines and other penalties on Thursday, detailing how traders in London, Tokyo, New York and Frankfurt manipulated Libor, London’s benchmark for interbank borrowing, and its European and Japanese equivalents.