Nomura Cuts Pay, C Suisse Expects Profit, RBS Fine

Bloomberg reports that CEO Kenichi Watanabe will take a 50% pay cut for six months, the company said in a statement in Tokyo Friday. The institutional equity sales department will halt business for five days from July 2nd and an equity syndicate section will stop for three days, it said.

Watanabe said at Friday's press copnference that 'at this point I have no intention to step down. My responsibility is to make sure that this does not happen again'.

In the meantime, the news organisation also reports that Credit Suisse has said it expects to report a profit for the group and all divisions for the second quarter.

Finally, Reuters reports that Royal Bank of Scotland said it was still working with authorities on their global investigation into the possible rigging of Libor interest rates and 'there can be no certainty as to the timing or amount of any fine or settlement'.

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