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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