Bonus Watch '14: RBS Traders Who Might've Engaged In Currency Manipulation

Author:
Updated:
Original:

The Royalest Bank of Scotland is holding onto some unvested until it determines who did/didn't committ fraud.

The Royal Bank of Scotland said on Tuesday that it was holding payment of a unvested portion of bonuses to 18 current and former employees until it completes an internal review of its foreign currency trading operations. The lender, which is based in Edinburgh, was among a group of the world’s largest banks that paid a combined $4.25 billion last month to settle civil inquiries by regulators in Britain, the United States and Switzerland accusing them of conspiring to manipulate the currency markets. R.B.S. was fined about $634 million. R.B.S. said at the time that it was reviewing the conduct of more than 50 current and former traders in its Corporate & Institutional Banking division who were involved in an area that was the focus of the regulators’ investigations.

On Tuesday, the bank provided an update on its review, saying that six individuals, including three who were suspended, were placed into “a disciplinary process” pending the outcome of investigations. The bank also said that it would not pay the unvested portion of bonuses for 18 individuals until its internal review was completed.

R.B.S. to Hold Bonuses for 18 as Part of Currency Trading Review [Dealbook]

Related