RBS reportedly mulling proposals to claw back 100 pounds from pay deals

A Sky News report has alleged that Royal Bank of Scotland is examining proposals to claw back up to 100m pounds from pay deals previously awarded to executives in its investment bank as it prepares to settle allegations that it played a role in the LIBOR rate-rigging conspiracy.

A Sky News report has alleged that Royal Bank of Scotland is examining proposals to claw back up to 100m pounds from pay deals previously awarded to executives in its investment bank as it prepares to settle allegations that it played a role in the LIBOR rate-rigging conspiracy.

According to the news report, which did not cite sources nor indicate where its information had come from, the bank's remuneration committee is reportedly assessing plans for a "flat tax" on the pay packets of hundreds of directors and managing directors in its markets business.

The article said that no decisions had yet been taken about the precise structure of the plan to reclaim bonuses previously awarded to staff, but alleged that if the RBS board gave the new proposal the go-ahead, it would mean a larger number of the bank's employees having their bonuses docked than was previously thought.

ShareCast contacted the RBS press office and a spokeswoman said that no decisions had been taken and declined to comment further.

RBS' share price was down 0.52% to 341.60p at 13:49 on Friday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021