SFO charges ex-Barclays and Deutsche staff with interest rate fixing

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The Serious Fraud Office has today launched criminal proceedings against 10 former Deutsche Bank and Barclays Bank employees over the manipulation of Euribor.

The 10 defendants will make their first appearance at Westminster Magistrates’ Court in the middle of January.

The six Deutsche Bank employees charged are Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf.

The four Barclays employees are Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart.

The SFO confirmed that all the Barclays employees involved have left the firm, while Bittar and Hauschild have left Deutsche. It is not known if the other Deutsche employees were still with the firm.

An SFO statement added that further proceedings will be issued against other individuals in due course.

The case follows the November conviction of two British bankers in a Libor trial in the US.

In August, the SFO secured its first conviction for Libor rigging against former UBS and Citigroup yen derivatives trader Tom Hayes, who was jailed for 14 years.