Lloyds axes financial markets staff

Axe In Wood

Lloyds Banking is eliminating as many as 10 employees in its financial markets unit, according to two people with knowledge of the decision.

Bloomberg News reports that at least two of the reductions will be at the bank’s foreign-exchange desk, said the people, who asked not to be identified because the plan hasn’t been made public.

Lloyds started consulting staff about the cuts last week and may redeploy some of the employees elsewhere within in the company, one of the people said. The move is unconnected to any regulatory probes, the person added.

Lloyds employs about 450 people across the financial markets business, including 25 people in foreign exchange. The division is under the spotlight after U.S. and U.K. regulators fined the bank $366m in July for rigging benchmark interest rates including Libor. The bank said Monday it had dismissed eight employees and won’t pay their unvested bonuses because of their role in that scandal.

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