The Royal Bank of Scotland is concerned it could receive a 'double hit' of separate fines for its alleged involvement in the Libor-fixing controversy, one from the UK's Financial Services Authority and one from the US regulators on separate days.
The Sunday Telegraph reports that executives at the bank are understood to be preparing for 'several days in the sun' of unwelcome publicity. Barclays was fined £290m on one day in late June by both the British and US watchdogs.
In the meantime, the newspaper reports that Douglas Flint, the chairman of HSBC, is pushing for bankers to take an oath similar to that sworn by doctors as part of radical plans to overhaul the way the profession is viewed in the wake of the financial crisis and successive banking scandals.
Flint is calling for the oath to be administered by an independent body designed to police the banking industry and is understood to have discussed the prospect with his counterparts at the UK’s other big banks.