Advertisement

RBS fined £390 million for bad behaviour of 21 staff

Headquarters of the Royal Bank of Scotland in the City of London Photo: Press Association

RBS will pay fines of £390 million for the bad behaviour of 21 members of staff between 2006 and 2010.

14 of those staff have already left, 7 are either in disciplinary proceedings or on their way out or were very junior so won't lose their jobs.

The bank will pay 300 million, the share of the fine to go to the American authorities, through getting back money from bonuses that have already been paid, or this year's bonuses or future payments.

The other 90 million will come from the investment bank's profits and go to the Treasury - the strange reality of the taxpayer backed bank.

The bank is also entering into a deferred prosecution deal with the US authorities and has pleased guilty to wire fraud in Japan.

The banks traders were based in London, Singapore and Toyko and were trading Swiss Franc and yen Libor, not Sterling.

That means they were not rigging the rates that affect UK mortgages, loan rates or credit cards. This is an important difference between what has happened with Barclays.

More on this story