RBS has finally managed to resolve charges against the bank for its involvement in the manipulation of the London Interbank Offered Rate (LIBOR).
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RBS reported that 21 employees found guilty of the scandal have either been removed or left the company before the settlement. The remaining has been closely controlled.
RBS will take back past and present bonuses from the traders associated with the rate-rigging scam as well as from the staff involved in the bank’s operations. Therefore, total compensation is expected to amount to around GBP300 million (US$470 million).
As part of a proposed agreement with the US Department of Justice, RBS’ Japanese subsidiary, RBS Securities, entered into a plea for issues related to the manipulation of certain benchmark interest rates, including Yen LIBOR. Hence, the subsidiary will pay US$50 million of the total settlement.
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By GlobalData
