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Axe falls on RBS’ Libor-mess staff
State-controlled Royal Bank of Scotland, or RBS, said on Friday it has dismissed employees over an interest rate rigging scandal, but gave no indication of whether it would reach a settlement soon with investigating authorities.
Reporting a drop in first-half operating profit, RBS said it was co-operating with governments and regulators which are investigating the role of a number of banks in the setting of Libor and other inter-bank lending rates.
“The Libor situation is a stark reminder of the damage that individual wrongdoing and inadequate systems and controls can have in terms of financial and reputational impact,” chief executive Stephen Hester said.
RBS said it was being investigated by regulators in the United States, Britain and Japan and by competition authorities in Europe, the United States and Canada. However, it was not possible to measure reliably what effect the inquiries would have, including the timing and amount of fines or settlements. “I think that the regulators must decide how they want to deal with the situation,” Hester told reporters on a conference call. He added that he believed the Libor issue had been a result of “wrongdoing by individuals” rather than a “systemic problem” within the industry.
The announcement marked the first time RBS has confirmed it fired staff for misconduct in the Libor scandal, which has already cost Barclays chief Bob Diamond his job. RBS has declined to name the dismissed staff. However, sources with knowledge of the matter said last month that RBS had fired four traders. They said Tan Chi Min, Paul White, Neil Danziger and investment adviser Andrew Hamilton were sacked at the end of last year.
RBS reported a first-half operating profit of £1.83 billion [$2.8 billion], down from £1.97 billion in the same period last year. The bank made a statutory pretax loss of £1.5 billion, which included a £2.9 billion accounting loss due to a rise in the value of its own debt.
Shares in RBS were up 4.6 per cent to 213.8 pence in mid-morning trading.
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