Citigroup Penalty Sought in Japanese Tibor Probe, Nikkei Says
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Japanese securities watchdogs are seeking to punish Citigroup Inc. for attempted manipulation of the Tokyo interbank offered rate, the Nikkei newspaper reported, citing unidentified sources.
Regulators are examining whether employees at a Japanese unit of Citigroup, the third-biggest U.S. lender by assets, pushed banks to submit interest rates that would ensure that Tibor moved to the brokerage’s advantage, Nikkei said. The rate is calculated by compiling quotes submitted by major banks.