News agency Bloomberg has reported that Royal Bank of Scotland could face a fine of 800m dollars as soon as next week to settle allegations that traders tried to rig interest rates, citing two unnamed sources who it claimed had knowledge of the matter.
If the report proves accurate, it would represent the second largest fine levied by a regulator in the LIBOR investigation.
Bloomberg further reported that Investment Banking Chief John Hourican and Peter Nielsen, Head of Markets at RBS could also be asked to leave, again referencing the two unnamed.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
RBS' share price was down 1.10% to 360.50p at 09:11:57 on Tuesday morning.
RBS declined to comment when ShareCast contacted it on Tuesday morning.
MF
-
Which investment trusts could benefit from lower interest rates?As vehicles for long-term investments, many investment trusts were hit when interest rates rose in 2022. With interest rates expected to fall by the end of the year, could now be the time to invest in one of these unloved sectors?
-
How to protect your personal and financial data from cyber attacksM&S and the Co-op are the latest retailers to suffer from cyber hacks but consumers also need to be vigilant
