Investment Banking Leader Loses Job Over LIBOR Scandal

The RBS claims that the head of its investment banking unit was not aware of the LIBOR manipulation that led to multimillion dollar lawsuits against the bank.  On the other hand, somebody in management had to take responsibility for the illegal behavior.  They see no reason for disciplining more senior executives above the head of the responsible division.  RBS may have difficulty finding a replacement for its investment banking unit.  It has trimmed down its investment banking operations and it expects cut it further in the future.  RBS is over 80% owned by the government. Loses in the mortgage backed security business led to a government bailout of the bank.