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 finalizing 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)
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Regulators seek to curb Wall St. trades with Volcker rule |
- Thai PM urges protesters to take part in election |
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more