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

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021