RBS paid $612 million last year to settle
allegations that it manipulated Libor rates, one of several
banks hit with big fines for rigging financial benchmarks.
Regulators are now investigating allegations that traders
manipulated key reference rates in the $5 trillion-a-day foreign
Asked if the FX investigation could be a bigger problem for the
industry than Libor, RBS Chief Executive Ross McEwan said:
"Unfortunately, it has the hallmarks".
McEwan, speaking on LBC radio, added: "We're still doing a lot
of investigation. We're going through just millions and millions
of emails, chatrooms, conversations to see what actually went
wrong, if anything, in this area.
"Unfortunately, I have the feeling that this is a sort of Libor
"The difference this time is that we haven't sat back and denied
it. We've gone into it and are doing the investigation
hand-in-hand with the authorities."
McEwan said it was another problem from the past that banks need
to clean up to be able to move on.
(Reporting by Steve Slater; editing by Tom Pfeiffer)
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