It should be pretty obvious by now that the Libor rate-fixing probe isn’t going to be limited to Barclays and a handful of big boys swayed by the prospect of a bottle of Bollinger.

Yesterday, it emerged that traders were set to be arrested by regulators in the US and Europe. Today, the Wall Street Journal says that scrutiny is on at least a dozen traders, from nine banks working together in small groups on different interest rates across separate continents.

From 2005-2011, certain traders allegedly profited from manipulating Libor and took the practice with them each time they switched into a new position.

One of the key targets of the regulators currently is Thomas Hayes, who allegedly coordinated a group of traders between 2006-2009 while working at UBS and then Citigroup. He was fired by the latter in 2010. Others include Guillaume Adolphe of Deutsche Bank, Brent Davies and Will Hall of RBS, Paul Glands and Stewart Wiley of J.P. Morgan, and Peter O'Leary of HSBC.

None of these are currently employed by the banks above.

Just how deep this went may never emerge – Adair Turner, chairman of the FSA, has said to today that it would have been “prohibitively expensive” to spot small amounts of Libor manipulation and that “robust after-the-event enforcement action and sanction will have to remain a key regulatory tool”.

Finally, as leaked yesterday, Barclays has confirmed that Anthony Salz – a man once dubbed the “finest legal brain in Britain” – will lead its review into the way it does business after the reputational damage inflicted by the Libor scandal.

Meanwhile:

A former Merrill Lynch MD has returned to London is a bid to revive the European CMBS market (Bloomberg)

BNY Mellon joins the rush from asset managers to hire portfolio managers for insurance clients (Bloomberg)

Six men made over £700k after stealing information from the print rooms of J.P Morgan and UBS (Telegraph)

Employees at J.P Morgan’s CIO may have tried to hide losses (Bloomberg)

Bank of America Merrill Lynch has lost some key people in its London FX team, but is still hiring aggressively (Financial News)

Man Group plans to double cost-cutting to $100m by eliminating jobs and moving away from products that offer high commission to salespeople (Bloomberg)

Why it makes sense for investment banks to collaborate, rather than build (International Financing Review)

Helena Morrissey says City firms are making big strides to attract more women to their boards (Financial News)

Singer Capital and N+1 Brewin are merging in the hope of a revival of advisory work (Financial Times)

What bankers should wear on the beach (Wall Street Journal)