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RBS cuts bonuses to cover £350m Libor fine

RBS cuts bonuses to cover £350m Libor fine

Royal Bank of Scotland (RBS) is to cut bonuses to cover the cost of an estimated £350 million fine for its role in the Libor-rigging scandal, according to The Sunday Times.

According to the paper, the bank is weeks away from reaching a settlement with UK, US, Japanese and Singaporean regulators over Libor fixing.

Senior staff at RBS’s investment bank have been warned the bonus pool will be smaller, with some of the cash used to pay fines. The bank has also said it may confiscate bonuses paid in previous years, according to the paper.

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