Regulators in New York and London say Deutsche Bank is to pay the US and British authorities a record 2.3-billion-euro fine for interest rate manipulation.

The New York State Department of Financial Services said in a statement the deal will include bank disciplinary measures including sacking and barring from the profession any employees who engaged in misconduct.

Deutsche Bank must also set up an independent monitor to provide oversight and regulation. The seven-year LIBOR investigation has found a number of financial institutions guilty of market-rigging.