Pursuits
European Bankers Face Calls to Forsake Bonuses on Rate Fines
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Executives of Europe’s biggest banks are under pressure to surrender their bonuses after six companies were fined a record 1.7 billion euros ($2.3 billion) for manipulating benchmark interest rates.
Top management at Deutsche Bank AG, Royal Bank of Scotland Group Plc and Societe Generale SA, the firms that received the biggest penalties, should forgo bonuses for this year and 2012 to set an example for others, said Davide Serra, founder of London-based asset management firm Algebris Investments LLP, which oversees $1.3 billion of bank shares.