RBS agrees £391m rate-fixing fine
Taxpayer-backed Royal Bank of Scotland (RBS) has agreed a £391 million settlement with US and UK regulators as it became the third banking giant to admit its part in the rate-rigging scandal.
RBS, which is 81% owned by the Government, will recoup around £300 million from its staff bonus pool and by clawing back previous awards, and said investment banking boss John Hourican will step down, forfeiting his 2012 bonus and long-term incentive shares.%VIRTUAL-SkimlinksPromo%
Under its settlement, RBS has also agreed a deferred prosecution agreement with the US Department of Justice (DoJ) - a deal that could see it face tough sanctions if it commits any form of criminal offence during the period - while its Japanese arm has pleaded guilty to wire fraud.
All 21 have left or been subject to disciplinary action and two managers with supervisory responsibilities have stepped down.