RBS CEO says FX settlement likely within 12 months

RBS building sign

Royal Bank of Scotland could reach a settlement with authorities over the alleged rigging of foreign-exchange markets in the next six to 12 months, CEO Ross McEwan said.

Bloomberg News reports that the two biggest litigation issues facing Britain’s largest state-owned bank are an investigation into currency rigging and the U.S. government probe of the bank’s mortgage-backed securities business, McEwan, 57, told investors on Oct. 6, according to a transcript provided by Sanford C. Bernstein Ltd.’s Chirantan Barua, who hosted the call.

'I keep saying to my people, we’ve had a very good sunny summer, but I suspect we are in for a bit of a cold winter given that we haven’t had any of the big litigation issues that we know or the big conduct and litigation issues that we know are coming,' McEwan said. 'My mind is let’s get on with it.'

The U.K. Financial Conduct Authority said this month it wants to deliver faster justice in its investigation into currency manipulation than it has in probing interest-rate rigging, which RBS was also fined for. 

Hit the link below to access the complete Bloomberg News article:

RBS Set to Reach FX Settlement Within Year, CEO Says

Deutsche Bank Legal Costs May Hit $8.8 Billion: Spiegel

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