CEO Blames Libor-Manipulation on ‘Handful’ of Individuals

Bloomberg reports that RBS dismissed four employees for trying to influence the individual responsible for Libor submissions following an internal investigation, the bank said today, without identifying the staff involved. Hester said it is too early to estimate the potential cost of fines and litigation linked to rate-rigging.

'The Libor issue is more to do with the wrongdoing of individuals than it is to do with a systemic problem', Hester, 51, said on a call with journalists today after the Edinburgh-based bank reported a 22% drop in second-quarter operating profit. 'It’s hugely regrettable that the actions of a relatively small number of wrongdoers, which seems to be the key issue here, has such a tainting effect on the industry'.

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RBS’s CEO Blames Libor-Manipulation on ‘Handful’ of Individuals