The Royal Bank of Scotland (RBS) has done a deal with the US Department of Justice (DoJ) over its involvement in the LIBOR scandal.
Sky reports that RBS' UK subsidiary has signed a two-year deferred prosecution agreement with the DoJ, as part of a package of measures that will include almost £400M in fines.
This means that if RBS commits any form of criminal offence during the two-year period, it could find itself excluded from the US market.
Additionally, 21 RBS employees have either left or have been disciplined as a result of Libor-related misconduct.
John Hourican, head of RBS's investment bank, will step down and forfeit about £4M in deferred share awards despite having had no involvement in or knowledge of the malpractice.
RBS will make a statement on the matter at 13:00 today.