Barclays business feels pain of rate fixing scandal

(Reuters) – Barclays Plc is already counting the cost of lost business over its part in rigging a global interest rate and may be spared a worse exodus of customers only because the cloud of scandal hangs over other banks too.

So far, Barclays is the only bank to admit a role in manipulating the London interbank offered rate, Libor, which sets a benchmark for interest rates on everything from mortgages to credit cards and over $550 trillion in financial derivatives.

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