Brussels is poised to levy multibillion-euro fines on banks that took part in a cartel to rig two key global interest rate benchmarks as the cost of financial misconduct continues to spiral.
Royal Bank of Scotland, Deutsche Bank and Société Générale are set to pay the fines next month to settle allegations that they acted in concert to manipulate either Euribor, Yen Libor or both benchmarks, according to people familiar with the talks.
A further three banks – JPMorgan, HSBC and Crédit Agricole – have been involved in the talks but are holding out from signing a joint Euribor settlement, the people said. These banks are likely to face formal charges that could lead to fines at a later stage.