Deutsche Bank Suspends Two Employees Over Allegations Of Libor Manipulation

Deutsche Bank (DBKGn.DE) has suspended two employees after it used external auditors to check if its staff was involved in manipulating interbank lending rates.

The bank said it has received subpoenas and requests for information from U.S. and European authorities in connection with setting interbank rates, German magazine Der Spiegel reported.

Germany’s markets regulator has launched a special probe into Deutsche Bank over suspected manipulation of interbank lending rates.

Investigators in the United States, Europe and Japan are examining more than a dozen big banks over suspected rigging of the London Interbank Offered Rate (Libor).

Britain’s Barclays (BARC.L) has been the only bank to admit wrongdoing, agreeing last week to pay a fine of more than $450 million. The Libor rates, compiled from estimates by large banks of how much they believe they have to pay to borrow from each other, are used to determine interest rates on trillions of dollars worth of contracts around the world.