Thursday, 4 June 2015

Deutsche, Merrill courted ex-Libor trader after Citi sacked him- court hears

From Reuters –

“Tom Hayes, the first trader to stand trial on alleged Libor rigging charges, was called by Merrill Lynch and Deutsche Bank about possible job offers after being fired by Citigroup for alleged interest rate rigging, a London court heard on Tuesday.

Prosecutors allege Hayes was motivated by greed when he set up a network of traders and brokers at some of the world's leading financial institutions and pressured others to move benchmark rates in directions that benefited his trading book.

Hayes, who worked for UBS as a derivatives trader in Tokyo until he was poached by Citigroup in 2009, has pleaded not guilty to eight counts of conspiracy to defraud.

Citigroup proceeded to fire him in 2010 but decided against exercising its right to demand repayment of a 2.22 million pound ($3.40 million) "special cash award" handed to Hayes when he joined in 2009, according to a letter shown to the court.”

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