Daily News: February 28, 2013

RBS, Barclays to Recoup LIBOR Fines from Employees

Bloomberg reported that Royal Bank of Scotland will recoup $458 million from bankers by cutting its bonus pool and clawing back compensation following its fine for rigging LIBOR.

Bloomberg noted that RBS, fined $612 million earlier this month for manipulating benchmark interest rates, said it would pay for the U.S. portion of the fine from bonuses and previously-awarded pay.

In a related story, Reuters reported, citing a source, that Barclays plans to cut or claw back $680 million of pay from its staff over the rate-rigging scandal.

Barclays fined about $440 million last June by U.S. and UK regulators, plans to slash the 2012 bonus pool by roughly the same and claw back $240 million from deferred share awards from earlier years, Reuters reported.

To read the Bloomberg story click here.

To read the Reuters story click here.