Ex-Deutsche Bank Trader to be Jailed in UK for Euribor Rigging
Ex-Deutsche Bank trader, Christian Bittar is facing jail term for Euribor rigging after pleading guilty in a London court on the 2nd of March 2018. The now 46 year old ex-Deutsche bank star trader had earned £90 million ($126 million) bonus in 2008, and was the firm’s most profitable derivatives trader from 2003 to 2010.
“ Ex-Deutsche Bank Star trader to be Jailed “
In 2011, Christian was fired as Deutsche bank distanced themselves from rate-rigging probes in the U.S. and U.K. In 2015, Deutsche Bank was fined $2.5 billion by global regulators for failing to prevent attempts to rig benchmark rates.He was accused of colluding on Euribor submissions by betting on short-term interest rates. In 208, he had bet on the 3-months & 6-months Euribor will rise faster than the 1-month rate. After Lehman Brothers collapsed, his bets profited enormously, and he earned £90 million ($126 million) bonus in 2008. As a proprietary trader, he had a share in the profits he made for the bank.
Christian grew up in Senegal, attended Grandes Ecoles University in France. After graduation, he joined Societe Generale as a quantitative analyst. He became a trader, and was hired by Deutsche Bank in London and thereafter Deutsche Bank in Singapore. He will be sentenced in summer 2018 after a related trial ends.
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