NatWest pleaded guilty to wire and securities fraud, admitting that its traders in London, Singapore and Connecticut engaged in several schemes between 2008 and 2018 to manipulate US Treasury markets.

The investment bank’s general counsel entered the plea in a hearing held remotely 21 December before a federal judge in Connecticut. Under a plea deal filed in court, the bank agreed to $35m in fines and other penalties, a three-year term of probation during which NatWest is required to cooperate with prosecutors and the appointment of a corporate monitor to assess the bank’s compliance practices.