A new nightmare on Wall Street? U.S. banks face criminal probe into global interest rate-fixing scheme as Barclays blows the whistle on America's financial giants

Some of America's top banks are set to be dragged into a major criminal investigation of a global interest rate-fixing scandal about to engulf some of Wall Street's biggest institutions.

It emerged tonight that Barclay had struck a deal of 'extraordinary co-operation' with regulators in Washington and London - potentially exposing collusion on interest rates among banks across the globe.

The bank admitted to manipulating key interest rates, increasing pressure on other banks to cooperate in a probe that could cost the financial industry billions of dollars.

The agreement came after coordinated investigations lasting years and is just the first in a series of potential cases against other financial firms, including HSBC, Citigroup and JPMorgan Chase.


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