Citi official tells Libor trial Hayes openly discussed influencing rates

Gavel

A Citigroup official said in 2010 that Thomas Hayes, who is on trial for manipulating Libor, openly discussed at a meeting how he influenced benchmark rates while at UBS.

Bloomberg News reports that Andrew Thursfield, Citigroup’s European head of risk treasury, met Hayes in October 2010, two months before Hayes joined the bank, one of Hayes’s lawyers told jurors in London Thursday.

Following the meeting Thursfield, who oversaw the Citigroup’s Libor submissions, spoke to his boss and said he was 'concerned' about how Hayes discussed his ability to move the rate by coordinating with UBS’s Libor submitters, according to a recording of the October 9 conversation played to jurors.

'He just calls up his cash guys and asks them to move the Libors up or down, um, depending on how his fixings were', Thursfield said to his manager Stephen Compton.

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

Citigroup Manager Said Hayes Boasted of Libor Rigging Ability

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