RBS investment chief John Hourican to resign and waive £4m bonus [1]
The Telegraph - 2/06/13, By Helia Ebrahimi, and Harry Wilson
The head of Royal Bank of Scotland’s investment banking arm is set to give up a bonus pot worth £4m as he resigns from the lender over its involvement in Libor-rigging.
John Hourican is expected to leave the bank at the end of the month, with a successor to be announced in due course Photo: Getty Images
John Hourican, chief executive of markets and international banking, will leave the bank with the minimum pay-off to which he is entitled – a year’s basic salary of £700,000 – as he becomes the most senior executive at the taxpayer-backed lender to leave his job in the wake of the rate-rigging scandal.
Mr Hourican’s departure is expected to be announced to RBS staff as the bank publishes details of a settlement of around £400m over accusations it manipulated key global borrowing rates between 2005 and 2010. It is not known whether the bank will admit any liability.
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