Royal Bank of Scotland will recoup $458m from bankers by cutting its bonus pool and clawing back compensation following its fine for rigging Libor.
Bloomberg reports that the bank, which Thursday reported a wider full-year loss, reduced bonuses by $167m and clawed back awards from previous years valued at $170m, Edinburgh-based RBS said in a statement.
It will also cut long-term incentives by $45.5m and future bonuses by a further $75.9m.
'The actions we have taken reinforce the messages we are sending on the how seriously the board takes integrity and risk and control issues', the bank said. 'The impact of such issues on our shareholders and wider stakeholders extends beyond those directly involved in Libor, so it is appropriate that remuneration actions have a group-wide impact'.
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