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Monday, 29 September 2014

Lloyds fired eight (8) staffs over Libor

Here is what i BBC posted about Lloyds Banking Group. Continue...

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.

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.

"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.

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