Published February 06, 2013
LONDON – The conduct of some Royal Bank of Scotland staff who rigged Libor interest rates was disgraceful and brought shame on the bank, the head of its investment bank told staff on Wednesday.
"The conduct of those involved was disgraceful and has brought shame on our company," John Hourican told staff in a memo seen by Reuters. "The continuation of this behavior during the company's darkest hours, when so many of us were fighting to ensure its survival, makes it all the more shameful."
Hourican said he will leave RBS at the end of April. "Notwithstanding the fact that the unauthorized activities started before I took this job and were not known to me, I clearly bear some responsibility for the continuing actions of all our employees," he said.
(Reporting by Laura Noonan and Steve Slater)