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| Libor rigging trial: Former Barclays bankers jailed | |
| (about 1 hour later) | |
| Four City traders have been ordered to serve jail sentences after being convicted of rigging the Libor rate. | |
| Jay Merchant was sentenced to six-and-a-half years. Peter Johnson, who pleaded guilty, and Jonathan Matthew were each jailed for four years. | |
| Alex Pabon was sentenced to two years and nine months. | Alex Pabon was sentenced to two years and nine months. |
| Judge Anthony Leonard told Southwark Crown Court: "What this case has shown is the absence of integrity that ought to characterise banking." | |
| Libor, which stands for London inter-bank offered rate, is used by banks to set prices of financial products. It underpins trillions of pounds in loans for households and companies worldwide. | |
| The former Barclays employees are the only other people to be jailed in the Libor rigging scandal since Tom Hayes was convicted last year. | |
| 'Position of power' | |
| Judge Leonard said he gave Merchant the longest sentence because he judged him to "bear greatest responsibility for what happened". | |
| "I do not judge that you were the originator of the scheme, but it was under your leadership the manipulation took off," the judge said. "You abused a position of power and authority." | |
| In January, five City brokers were cleared of helping Hayes to manipulate the Libor rate. Hayes, a former star trader, was initially sentenced to 14 years in prison, although that was later reduced to 11. |