RBS traders sacked following investigation into Libor fixing

FOUR traders at the Royal Bank of Scotland (RBS) have been sacked following an internal investigation into accusations that the company rigged the Libor interest rate, it emerged yesterday.

It is understood that the dismissals took place in October and November last year.

A spokesman for the bank confirmed that four people have left the firm. It is understood that those involved were traders Paul White and Neil Danziger, investment adviser Andrew Hamilton and Tan Chi Min, a former head of delta trading based in Singapore.

In March Tan claimed in court that it was common practice among senior RBS employees to request alterations to the bank’s Libor rate. He is suing RBS for wrongful dismissal after being fired for allegedly trying to exert improper influence over the bank’s Libor rate setters.

“The defendant’s [RBS] consequent internal investigations were intended to create the impression that such conduct was the conduct not of the defendant itself, but the conduct of specific employees,” Tan claimed in papers filed in February.

Last week RBS chief executive Stephen Hester confirmed that regulators are still investigating his bank’s submissions to the Libor committee.