Former RBS chairman: Sacking of four traders is 'correct response'

Former Royal Bank of Scotland chairman Sir George Matthewson told the BBC today that the sacking of four RBS traders was the "correct response" but that it also raised many questions. Mr Matthewson said:

What I am unable to understand is that whether this was done for personal profit of the individuals. There is an impression that they are trying to increase the value of the bank through lowering the interest rate.

For that to have been true, it would have required complicity of [those] higher up in the bank, I find that difficult to believe. I do feel that this problems goes across many banks.

I don't believe that Barclays would stand by and retain employees who participated in fraudulent and near-fraudulent activities.

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Four RBS employees sacked

Taxpayer-backed Royal Bank of Scotland (RBS) sacked four of its traders at the end of last year over their alleged role in the Libor-fixing scandal, sources said today.