Deutsche Bank’s London subsidiary has agreed to pay a total of $2.5bn to four regulators in the US and UK as part of a settlement over claims that traders at the German bank manipulated interest rate benchmarks such as the London Interbank Offered Rate (LIBOR).
Some ?227m has been paid to the Financial Conduct Authority, which was among the regulators that ordered Deutsche Bank to fire seven employees.?The prime minister said the Treasury could raise ?200m under the proposed new Libor legislation. This money would be used to create a three-year apprenticeship programme. In a speech in London, Cameron suggested Deutsche Band was ?a part of Labour’s failed past? and that the government ?is taking money off a bank that tried to rig the market?. Cameron explained the policy is part of his party’s plan to “abolish” long-term youth unemployment. He has already committed to the next Conservative government abolishing Job Seeker?s Allowance for 18-21 year olds and replacing it with a Youth Allowance, time-limited to six months. Read more about apprenticeships:
- Barclays becomes first company to recruit using degree-level trailblazer apprenticeship scheme
- Merchant bank to finance 60 new apprenticeship roles personally
- Biggest increase of apprenticeships confirmed and NI for under 21s abolished
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