Citigroup Inc. (C) disclosed law-enforcement agencies are demanding more information about the bank's involvement in setting Libor interest rates.
The bank said in its quarterly earnings filing 10-Q with the Securities & Exchange Commission Friday it received requests for information and documents from various U.S. and non-U.S. governmental agencies, including the offices of the New York and Connecticut attorneys general, tied to investigations into how banks set various interbank offered rates.
Bank of America Corp. (BAC) disclosed Thursday it received subpoenas from the U.S. Department of Justice, the U.S. Commodity Futures Trading Commission and the United Kingdom Financial Services Authority tied to a probe by regulators into how banks set the London Interbank Offered Rate, a key interest rate for bank lending, "and European and other interbank offered rates."
Regulators around the world have begun to look into irregularities around such interest rates that serve as benchmarks for many consumer and business loans.