Former Barclays traders guilty

Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain’s Serious Fraud Office (SFO).

The verdicts bring to five the number of people convicted in London for being part of a global financial conspiracy that has forced banks to pay fines of $9bn (€8bn), discredited rates like Libor and helped shred public faith in the banking industry.

Calcutta-born, US-based Jay Merchant, 45, the most senior of the men on trial, was convicted unanimously.