9-Figure Fine Might Have A Negative Effect On Bonuses: RBS
Also, the no cell phone rule on the trading floor still stands. You can have them back when you've earned them.
Royal Bank of Scotland Group Plc is assessing the behavior of employees at its investment bank and considering bonus cuts after taking a $669 million fine from U.S. authorities for rigging currency markets. The “thorough review” into currency traders’ conduct at the Corporate and Institutional Banking division has so far led to the dismissal of three employees while two were suspended, RBS said in a statement on Wednesday. The bank will take the latest fines into account when taking decisions on future compensation, it said without elaborating...As part of tougher internal controls, RBS imposed restrictions on messaging and chat rooms, banned mobile phones on trading floors and stepped up its surveillance.
RBS Assessing Conduct, Mulling Bonus Cuts After Currency Fine [Bloomberg]
