LONDON | Long renowned as the center of global money flows, deal making and — above all — discretion, London’s financial center has become a hub to a different form of activity of late: financial scandal and behavior beyond the pale.

Rogue traders working out of the London offices of American International Group, UBS and JPMorgan Chase have rung up billions of dollars of losses in recent years. Attempts to manipulate an important interest rate — the London interbank offered rate, or Libor — originated on the trading floors of some of the biggest and oldest banks in London, like Barclays. Government officials on both sides of the Atlantic are investigating how many other big banks joined in.

Source: TheLedger