VIDEO: Barclays bank fined $453m for market fixing

United Kingdom
6/7/2019 11:35 PM   

Barclays share price has plunged by 17 per cent after the UK bank was hit by record fines for distorting key interest rates. The rates concerned play a major role in international financial markets and affect how businesses and consumers borrow money. Barclays agreed to pay $453m for using underhand tactics, including price-fixing, to rig the markets. Other British banks also slumped on reports that the scandal was set to engulf HSBC, Lloyds Banking Group and Royal Bank of Scotland.