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RBS fined £390m over Libor

The Royal Bank of Scotland has been fined £390m by the Financial Services Authority and US authorities for its role in the Libor rate-rigging scandal.

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RBS investment banking head 'to step down'

The head of Royal Bank of Scotland's investment banking division is expected to step down over the Libor rate-rigging scandal it has been reported.

John Hourican joined the RBS Group in 1997 and has headed its investment banking arm since October 2008.

The news comes ahead of an announcement of the fines over Libor which could be as much as £500m.

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