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RBS cuts bonuses to cover £350m Libor fine

by Daniel Grote on Dec 30, 2012 at 10:35

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.

2 comments so far. Why not have your say?

Julian Stevens

Jan 02, 2013 at 11:51

How about the FSA cutting its bonus pot so it can make a contribution, in recognition of its own failings, towards the ArchCru redress fund?

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Usually found sitting on the fence

Jan 04, 2013 at 12:40

Or in recognition of it's failings over Libor, NorthernRock and all the other banking related chaos they did little or nothing to address?

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