8 employees dismissed with bonuses clawed back over Libor

Oliver Twist

The bank 'unable to take any disciplinary action' against an undisclosed number of people.

Lloyds Banking Group has dismissed eight employees and clawed back their bonuses after it was fined $367m for rigging benchmark interest rates by U.K. and U.S. authorities.

Bloomberg News reports that about $4.87m in unvested long-term incentives will be forfeited, Lloyds said in an e-mailed statement without naming the individuals.

The bank said it 'was unable to take any disciplinary action' against an undisclosed number of people who had left before the settlement on July 28.

Chief Executive Officer Antonio Horta-Osorio’s efforts to return the bank to full private ownership are being hampered by issues of past misconduct. The bank in July became the seventh firm to reach a settlement with U.S. and U.K. regulators probing how traders colluded to rig the London interbank offered rate and related benchmarks.

'The group undertook a prompt, independent and thorough disciplinary process immediately after the settlements were announced,' Chairman Norman Blackwell said in the statement. 

Hit the link below to access the complete Bloomberg News article:

Lloyds Dismisses Eight, Claws Back Bonuses Over Libor

Sumitomo Mitsui Raises First-Half Net Income Forecast by 39%

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News