RBS are soon to be hit with fines totalling around £400m with regards to their involvement with the LIBOR scandal. John Hourican, the head of RBS’s investment banking arm is expected to step down, although there is no suggestion that he was involved in the scandal.
Barclays and UBS have already received fines and RBS is accused of colluding with other banks to fix the LIBOR rates during the financial crisis.
The Business Secretary, Vince Cable, has said that the government have stressed and made the point clear to RBS that the fines which they will receive are to be paid from staff bonuses and not that of the taxpayers money nor bank customers.
Vince Cable has also commented: “The problem is that these are global banks and if they’ve committed breaches of the law in the US they have to be punished accordingly,” and that “It is absolutely galling for UK taxpayers to be asked to stump up for it.”
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