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RBS reignites bonus row as £500m Libor fine looms
by Alex Steger on Jan 29, 2013 at 07:49
Royal Bank of Scotland (RBS) is preparing to pay as much as £250 million in bonuses to staff at an investment banking division heavily implicated In the Libor rigging scandal, according to the Financial Times.
The FT reported that the move comes as RBS prepares to settle with US and UK regulators over the Libor scandal with a fine expected to top £500 million, meaning the taxpayer will effectively be paying RBS investment bankers about £250 million in bonuses, while simultaneously footing the bill for Libor fixing.
The paper said the majority of the Libor fine, around £400 million, will be paid to US authorities, while £100 million could go to the Financial Services Authority.
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