Taxpayer-backed Royal Bank of Scotland has agreed a £391 million settlement with US and UK regulators as it became the third banking giant to admit its part in the rate rigging scandal.
RBS, which is 81% owned by the Government, will recoup around £300 million from its staff bonus pool and by clawing back previous awards and said investment banking boss John Hourican will step down, forfeiting his 2012 bonus and long-term incentive shares.
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