Citi said resisted trader's Libor tactics; met by brick wall of resistance

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When Thomas Hayes joined Citigroup in Tokyo in 2009, he expected to be able to influence Libor just like he’d done at UBS, according to evidence at a London criminal trial.

Bloomberg News reports that instead, he was met by a brick wall of resistance from the individuals responsible for setting the benchmark at the bank, according to internal messages shown to jurors by prosecutors.

Hayes, the first person to stand trial for rigging the London interbank offered rate, joined Citigroup as a senior yen derivatives trader in December 2009 after more than three years at UBS. Within days of his arrival at Citigroup, the bank’s treasury desk in London made their stance known.

'The rules around rate-setting are strict', Citigroup manager Andrew Thursfield wrote in an e-mail to Hayes’s bosses after they suggested the new recruit could offer insight into where Libor might be set. 'Any recommendations or suggestions on where rates should be set must be disregarded'.

To access the complete Bloomberg News article hit the link below:

Hayes Libor Tactics Hit Resistance at Citigroup, Prosecutors Say

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