Barclays may use bonuses to recoup Libor fines - Financial Times
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)
- Tweet this
- Share this
- Digg this
- UK economy picks up in second quarter, recovery pace revised higher
- UK house prices fall for first time in 17 months - Nationwide
- Arsenal must now beat Galatasaray, says Cazorla
- Analysis - Ukraine leader clings to European goal despite Putin
- U.S.-led air strikes pose problem for Assad's moderate foes