Barclays may use bonuses to recoup Libor fines: Financial Times

Barclays may use bonuses to recoup Libor fines: Financial Times

LONDON - British bank Barclays Plc is considering using its 2012 bonus pool to help pay fines for its role in Libor interest rate rigging, the Financial Times reported.

The bank might recoup part or all of the 290 million pounds (S$568 million) it was fined from the bonuses it pays investment bankers, the paper said, without citing sources.

Part state-owned Royal Bank of Scotland Group Plc is already preparing to slash bonuses to help pay for its Libor-related fines, according to a source.

Barclays is currently finalising bonuses for 2012 and overall compensation was expected to fall between 10 per cent and 20 per cent on average, two sources said earlier this week.

The bank's new boss said on Thursday in a letter to employees that they must adopt new values to rebuild the company's reputation, or leave.

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