Lloyds Banking Group has dismissed eight staff members following an investigation into the manipulation of some key interest rates set in London.
The move follows the bank's £218m fine in July for "serious misconduct" over the setting of Libor. Chair Lord Blackwell said the actions of those responsible for the misconduct were "completely unacceptable". Lloyds, which is 24.9% owned by the government, said the individuals had also forfeited £3m in unpaid bonuses. The bank said its remuneration committee would now ensure the outcome of the disciplinary process was "fully and fairly reflected" in other staff bonus payments. Regulators found that Lloyds manipulated the London interbank offered rate (Libor) for yen and sterling and tried to rig the rate for yen, sterling and the US dollar. It was also found to have manipulated submissions for another short-term rate linked to the value of UK government debt.....Read more here