Ex-Barclays Trader Says Bosses Must’ve Known About Libor Fix
- Jay Merchant was a promising tennis player before trading
- Three managers earlier denied knowledge of trader requests
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One of five former Barclays Plc traders accused of rigging benchmark interest rates says three of his bosses must have known that traders were making requests to fix Libor, despite the supervisors’ earlier denials of any knowledge of the rate-setting process.
Jay Merchant, 45, said at the London trial that he found it "difficult to believe" that former global head of fixed income Eric Bommensath, the investment bank’s chief operating officer Mike Bagguley and another executive, Harry Harrison, didn’t know what the swaps desk traders were doing.