This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-29410742
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Lloyds dismisses eight staff over Libor | Lloyds dismisses eight staff over Libor |
(34 minutes later) | |
Lloyds Banking Group has dismissed eight staff members following an investigation into the manipulation of some key interest rates set in London. | 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. | 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". | 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. | |
'Highest integrity' | |
Lloyds said Monday's disciplinary action followed July's fine by the UK-based Financial Conduct Authority (FCA) and a US-based trading commission. | |
However, it said it had been unable to take disciplinary action against " a number of individuals" who had already left the bank before the settlements. | |
Lloyds Banking Group chief executive Antonio Horta-Osorio said the bank was committed to preventing this type of behaviour happening again. | Lloyds Banking Group chief executive Antonio Horta-Osorio said the bank was committed to preventing this type of behaviour happening again. |
"We are determined to make Lloyds Banking Group a company of the highest integrity and standards," he added. | "We are determined to make Lloyds Banking Group a company of the highest integrity and standards," he added. |
In July, Bank of England Governor Mark Carney said the attempted manipulation was "highly reprehensible" and could lead to criminal action against those involved. | |
Lloyds also said it had shared the outcome of its disciplinary process with City regulator the Financial Conduct Authority and other relevant authorities. |