Deutsche Bank has been hit with the biggest fine for Libor manipulation in history, with British and American regulators handing the German financial giant a £1.7bn penalty.

The Financial Conduct Authority, and the US Commodities Futures Trading Commission, Department of Justice and New York’s Department of Financial Services, levied the fine on Thursday afternoon.

The $2.5bn (£1.66bn) fine exceeds the $1.5bn handed to UBS for Libor manipulation in 2012, and is more than the £952m that Barclays, Royal Bank of Scotland and Lloyds have paid to UK and US authorities between them.

Regulators said the size of the fine reflected the fact that Deutsche Bank had misled authorities, deleting hundreds of tapes of telephone calls.

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