Ouch! 80% government-owned Royal Bank of Scotland is daring to go there… In the wake of a comprehensive review of more than 50 current and former traders who worked at the bank (and a $634 million fine), Bloomberg reports that RBS is suspending the bonuses of 18 FX traders. ‘We are undertaking a robust and thorough review into the actions of the traders that caused this wrongdoing and the management that oversaw it,’ Jon Pain, RBS’s head of conduct and regulatory affairs, said, adding “no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded.”
As Bloomberg reports,
Royal Bank of Scotland suspended bonuses of 18 traders as part of a review of its foreign-exchange business in the wake of a $634 million fine.
The bank is reviewing the conduct of more than 50 current and former traders who worked at the investment bank, it said in a statement today. Six employees face disciplinary action, with three of them suspended pending investigations.
This post was published at Zero Hedge on 12/31/2014.
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