It has been recently revealed that the Royal Bank of Scotland has fired four employees because of their connection with the interest rate manipulation case. The Royal Bank of Scotland group is actually the largest government based lender and this recent probe has definitely proved to be disgrace for the bank.
It was further revealed that other banks such as the Deutsche group and the Citibank has also followed suit in making a few dismissals and putting on suspension a few traders, while the investigation is still underway.
It has been further revealed in a report that the ICAP Plc., the largest bank broker firm, has also dismissed one of its employees.
This initial small inquest is now growing to becoming something like a global investigation to find put the many hidden truths about the things that have been going wrong in these large banks across the world. The interest rate change will definitely seem to have a huge effect on general people, and this is something that will definitely change in the other norms of the monetary units as well.
This is what makes it all the more essential for the banks to make sure that the major policy changes are made with the consent of one and all, and no sort of unscrupulous case should be allowed to make such tampering with the system.
“Derivative traders working for a number of financial institutions might have manipulated these submissions by coordinating their behavior, thereby influencing these reference rates in their favor”, revealed Switzerland’s Competition Commission, in a recent statement. It remains to be seen what the events turn out to be like in the time to come.