Barclays may use bonuses to recoup Libor fines - Financial Times

LONDON Fri Jan 18, 2013 12:45am GMT

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LONDON (Reuters) - British bank Barclays Plc (BARC.L) is considering using its 2012 bonus pool to help pay fines for its role in Libor interest rate rigging, the Financial Times reported.

The bank might recoup part or all of the 290 million pounds it was fined from the bonuses it pays investment bankers, the paper said, without citing sources.

Part state-owned Royal Bank of Scotland Group Plc (RBS.L) is already preparing to slash bonuses to help pay for its Libor-related fines, according to a source.

Barclays is currently finalising bonuses for 2012 and overall compensation was expected to fall between 10 percent and 20 percent on average, two sources said earlier this week.

The bank's new boss said on Thursday in a letter to employees that they must adopt new values to rebuild the company's reputation, or leave.

(Reporting by Rosalba O'Brien. Editing by Andre Grenon)

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Comments (1)
spartacus121 wrote:
For a Bank to announce it is cutting it’s bonuses after illegally “Stealing” investors and customers money, is nothing short of ludicrous!
The bonuses should be stopped and used to reimburse it’s customer’s and investor’s.
This action is showing that Banks are a Law unto themselves and will always escape justice.They have been fined by International regulator’s but you can be assured that those who have been wronged by these Bank’s will not receive One Penny in any form of compensation.
The Banks new boss should if he is sincere in his “new value talk” be ensuring that this will happen, after all rate rigging was designed to take money from the customer, not to give it back !

Jan 18, 2013 5:25am GMT  --  Report as abuse
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