01 October 2014
Lloyds banking group has fired eight of its staff members following the investigation into manipulation of Libor and other key interest rates.
As part of the dismissals, the individuals will not receive awarded but unvested bonuses and long term incentives totalling around £3 million, which will be forfeited.
Lloyds Banking Group’s Chair Lord Blackwell said: ‘The Board has been clear that it views the actions of those responsible for the misconduct referred to in the settlements as being completely unacceptable.’
Blackwell added that the bank’s remuneration committee will be ensuring that outcome of the disciplinary process and the financial cost to the group is taken into consideration regarding other staff bonus payments.
Lloyds added that it was unable to take any disciplinary action against a number of individuals who had already left the Group prior to the settlements.
Chief Executive of Lloyds Banking Group, António Horta-Osório said: ‘Having now taken disciplinary action against those individuals responsible for the totally unacceptable behaviour identified by the regulators’ investigations, the Board and the Group’s management team are committed to preventing this type of behaviour happening again.’The bank was fined £218 million by the regulator the Financial Conduct Authority (FCA) earlier this year, in July 2014, for serious misconduct relating to the Special Liquidity Scheme (SLS), the Repo Rate benchmark and Libor.
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