The U.S. banking giant is pulling out of the group that sets Australia's interbank lending rates, as it and other institutions rethink that business in the wake of the Libor rate rigging scandal. JPMorgan Chase (JPM) said it will withdraw by the end of the month. Swiss banking giant UBS (UBS) withdrew in Feb. from the panel that sets Australia's bank bill swap reference rate, or BBSW. JPMorgan shares fell 0.9%.
- Banking & Budgeting
- JPMorgan Chase