RBS execs ‘under pressure to resign’ over LIBOR rigging
Two executives at Royal Bank of Scotland are reportedly under pressure to step down as US and UK regulators are concerned about the culture of the investment banking division at the bank.
RBS’s head of investment banking John Hourican and head of markets Peter Nielson together earned over £30m in bonuses in the last four years.
Their jobs are said to be at risk as regulators close in on a settlement with the bank, which is likely to be at least £300m.
Hourican or Nielson have not been accused of partaking or knowing of the alleged LIBOR manipulation, however the two were overseeing the investment banking division at the time the LIBOR-rigging took place, reports The Telegraph.
The pair are also under pressure to give back up to £15m in bonuses as part of LIBOR related bonus clawbacks, which are also expected to affect other senior executives.
RBS has already fired four traders and suspended the head of rates, Jezri Mohideen, while it continues to investigate alleged LIBOR manipulation within the bank.
This article was first published on Investment Week