Citigroup was forced to write off $50 million (€37.6 million) after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace.

Nine separate enforcement agencies in the US, Europe and Japan have been probing whether big US and European banks manipulated the London Interbank Offered Rate or Libor, the benchmark reference rate for $350 trillion worth of financial products. The Financial Times