Rbs forex rigging

The British bank, rigging is 82 percent-owned by the state after the world's costliest bank bailout insaid on Wednesday it was cutting bonuses to help pay for the fine, in a bid to avoid a public backlash.

The bank fears the scandal will embolden critics who want it to further shrink its profitable investment bank and focus on rbs lending at home. More than a dozen banks and brokerage firms, including JP Morgan, Deutsche Bank AG and Citigroup Inc, are being investigated by regulators over the manipulation of benchmark interest rates such as the London interbank offered rate, known as Libor, and Euribor, which are used to price trillions of dollars' worth of loans.

Deutsche Bank has suspended five traders rigging connection with alleged manipulation of Euribor, a source familiar with the matter said on Wednesday.

Recent reports have raised the possibility of other banks resolving liability through a group settlement, but in an interview on Wednesday, forex top U. Justice Department official shot down that idea. Investigators said they discovered hundreds of attempts by at least 21 RBS employees in London, Singapore and Tokyo to manipulate Libor.

RBS traders aided dealers at other banks, including UBS, to rig the forex. The abuse at RBS occurred from at least until late - after some of rbs traders learned of the probe into Libor. The FSA criticized RBS for seating derivatives traders next to people who submitted Libor rates and said the bank's systems and controls were flawed as recently as March Like their peers at Barclays and UBS, RBS staff were blatant about what they were doing in internal chatrooms, according to extracts of exchanges released by investigators.

A Swiss-franc trader at RBS told someone submitting rates to Rigging that if he submitted them in the way he wanted, he would "come over there and make forex to you. Department of Justice said the near year-old bank was guilty of a "stunning abuse of trust". RBS is paying Commodity Futures Trading Commission, which regulates trade in derivatives.

A unit of the bank in Japan also pleaded guilty in the United States to one count of criminal wire fraud. The parent company avoided criminal liability in the United States, meaning it can retain its banking licence there and avoid a fire sale of its U. Rigging part of its deferred prosecution agreement, the bank was forced to admit and accept rbs for its misconduct.

In a page statement of facts, for example, the bank admitted its employees treated requests for favorable submissions in a routine, casual manner. In one colorful example, a trader in an electronic chat rbs asked for forex lower submission, then told the submitter he was "like a whores drawers" in acknowledging he often passed on requests for interest rates rbs went up and down. Lawyers expect a wave forex civil lawsuits, potentially costing banks tens of billions of dollars.

It is unclear how many individuals will be prosecuted. Days before the Swiss bank was fined, British police and anti-fraud officers arrested one of the traders later charged in the United States along with two rbs of British brokerage firm RP Martin. Justice Department's Breuer said such inquiries continued.

RBS Chief Executive Stephen Hester wants to re-establish the bank as a "normal" lender, shrinking the balance sheet by billion pounds and cutting thousands of jobs as he jettisons the previous management's ambition for global domination. Speaking to reporters in London, a visibly emotional Hester failed on three occasions to give a direct answer to questions on whether he had considered resigning over the Libor scandal. Taxpayers are sitting on a loss of close to 16 billion pounds on their RBS stake, frustrating politicians.

Britain's influential parliamentary commission on banking forex has summoned Hester and RBS's chairman, Philip Hampton, to discuss the Libor scandal and the future of the bank on Monday. RBS said all but six of the 21 staff implicated had either rigging fired or had already left the bank. The remainder were being disciplined. RBS will cut million pounds from its bonus pool, including rigging back awards from previous years, to pay forex U.

The UK penalty will be donated to charitable causes, including supporting soldiers and their families, the government said. John Hourican, head of RBS's investment bank, is leaving at the end of April after it was discovered the manipulation went on after he took charge.

He had no involvement in, or knowledge of, the misconduct, RBS said. Hourican will receive a year's salary but forgo share awards. Additional reporting by Laura Noonan, Andrew Osborn, Tim Castle and Myles Neligan in London, and Douwe Miedema and Aruna Viswanatha in Washington; editing by Mark Potter, Elaine Hardcastle, Leslie Adler and Matthew Lewis.

LONDON So strong is the belief in the growth momentum of the global economy as it enters the second half ofthe point has been rbs in the economic cycle where data not meeting expectations is dismissed as an aberration. Even though a steady stream of money has flowed out of U. Reuters is the news and media division of Thomson Reuters.

Thomson Reuters is the rigging largest international multimedia news agency, providing investing news, world forex, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.

Learn more about Thomson Reuters products:. All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. Markets European Markets Asian Markets Global Market Data Stocks Bonds Currencies Commodities Futures Funds Earnings Dividends. Special Reports Reuters Investigates Euro Zone Middle East China Japan Mexico Brazil Africa Russia India.

Politics Home Polling Explorer Live: Technology Home Science Top Global Innovators Media Environment Rigging. Breakingviews Home Breakingviews Video. Money Home Retirement Lipper Awards Analyst Research Stock Screener Fund Screener. Health Sports Arts Entertainment Oddly Enough. Pictures Home The Wider Image Photographers Focus RBS leaves Libor rbs zone'; Reuters.

Plus five hard questions for Mark Carney. Business News Wed Feb 6, 6: A logo of rigging Royal Bank of Scotland RBS is seen at a branch in London February 23, People use a Royal Bank of Scotland RBS cashpoint in Edinburgh, Scotland November 14, By Matt Scuffham and Kirstin Ridley. The Thomson Reuters Trust Principles.

Next In Business News. From Around the Web Promoted by Revcontent. Photos of the month. Follow Us On Twitter Follow Us On Facebook Follow Us On RSS Follow Us On Instagram Follow Us On YouTube Follow Us On LinkedIn. Feeds Newsletters Podcasts Apps. Reuters Plus Reuters News Agency Brand Attribution Guidelines Careers.

Learn more about Thomson Reuters products: Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and rbs interface. Everything you need to empower your workflow and enhance your enterprise data management. Screen for heightened risk individual and entities globally forex help uncover hidden risks in business relationships and human networks.

Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The industry leader for online information for tax, accounting and finance professionals.

Royal Bank of Scotland fined nearly ?400m over currency failings