More trouble for Rabobank
By The Holland Times Fri. 27 July 2012
Dutch financial services group Rabobank Groep is in further trouble as a new round of lay-offs and firings are announced.
The Wall Street Journal reports that the banking giant is set to cut between 1,500 and 3,000 jobs in the upcoming years, reducing its workforce in the Netherlands by up to 10 percent. This news comes in the middle of the ongoing scandal surrounding Libor interest rate fixing. Libor is the interest rate used for lending between banks, and a number of Rabobank employees are suspected of intentionally passing on incorrect figures in order to benefit their colleagues on the trading floor.
An investigation is ongoing, but the bank has already fired four employees believed to have been responsible for the inconsistencies, reports the Financieele Dagblad.