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Bank charges: Barclays and RBS will receive bonuses

Barclays and Royal Bank of Scotland (RBS) will be receiving multi-million pound bonuses for their bosses and executives.

It has been reported that Barclays and its shareholders are discussing a £2.75 million bonus for its boss, Antony Jenkins.

RBS will be paying £250 million bonuses to their investment banking division executives.

This news has sparked public outrage following the allegations that both banks had been involved in interest rate-fixing scandals.

Barclays was fined £290 million last year for its involvement in manipulating the London interbank offered rate (Libor).

RBS may have to pay fines of up to £500 million as it faces criminal charges for its involvement in the Libor scandal, as US regulators push for a settlement of the case. However, as 82 per cent of it is owned by the government, taxpayers will have to help in paying for the fines.

The Libor scandal was brought to public attention when banks worldwide were found to be manipulating the rate, which is a benchmark rate for financial deals between banks and consumers.ADNFCR-2776-ID-801531511-ADNFCR

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