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RBS in a spot

London, Jan. 12: The head of Royal Bank of Scotland’s investment bank may lose his job as part of the group’s imminent settlement with regulators over Libor rigging.

The departure of John Hourican would be a blow to the bank, which has prided itself on having a clean start with a new management under Stephen Hester since the financial crisis.

The bank has yet to see the chargesheet against it and so has not yet decided whether Hourican should go. There is no suggestion that he knew about the manipulation of the key lending rate by his juniors. But RBS, which is 81 per cent taxpayer owned, may decide that he must resign because it took place on his watch.

One source said the RBS board, led by Sir Philip Hampton, the chairman, intended to use the bank’s response to the Libor issue as a way to try to rebuild public trust. RBS declined to comment.

 
 
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