RBS Said To Fire Trader Weeks After Libor Fine


Royal Bank of Scotland dismissed a London-based interest-rates trader, weeks after settling with regulators over its part in the Libor scandal, two people with knowledge of the move said.

Bloomberg reports that the employee, who traded derivatives tied to short-term moves in interest rates in dollars and euros, was fired last month, said the people, who asked not to be identified because the matter hasn’t been made public.

He is the seventh individual to be dismissed from the bank for Libor-related misconduct, one of the people said.

RBS was fined $612 million by U.K. and U.S regulators on February 6th for making hundreds of attempts to rig rates including yen, Swiss franc and U.S. dollar Libor between 2006 and 2010.

RBS said in February it had dismissed six individuals, including two managers, following an internal probe. Eight more left before disciplinary action could be taken, while a further six had been 'severely disciplined' or were 'going through a disciplinary process', the bank said.

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RBS Said to Fire Trader Weeks After Libor Fine

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