RBS suspend bonuses, but everyone still hates them
The blessed folk of the Royal Bank of Scotland have suspended the bonuses of 18 people because it they've allegedly been part of a racket that manipulated the £3.5trillion-a-day foreign exchange (forex) market.
The bank, tax-payer backed, released their update regarding their internal probe into 50+ current and former traders that they think were involved in the forex diddling. Six employees are already in disciplinary processes and three of those have been suspended. Another eighteen have had their bonuses held-back, which they'll get if they're cleared of any funny business.
In fact, no bonuses will be paid to any of the staff that are being investigated, until the investigations have finished.
One former RBS trader was arrested, who was the first to be caught by the Serious Fraud Office for alleged participation in the forex scandal.
Jon Pain, RBS' head of conduct and regulatory affairs, said: "This is a complicated process but also an essential one in order to identify culpability and accountability for this unacceptable misconduct."
"There is no place for any misconduct at the RBS we are building. We want to get these things settled so we can put these issues behind us and get on with rebuilding trust in this bank."
Last month, the bank was fined nearly £400million by regulators from the UK and US, along with a number of other banks including HSBC.