29th Sep 2014 11:27
LONDON (Alliance News) - Lloyds Banking Group PLC Monday said it has dismissed eight individuals, who will lose out on about GBP3.0 million in bonuses and long-term incentive awards in total, following an investigation into financial benchmark manipulation.
The banking group decided to dismiss the individuals following its GBP218.0 million fine in July over attempts to manipulate submissions to the British Bankers' Association London Interbank Offered Rate (Libor) and Sterling Repo Rate between 2006 and 2009.
"The board has been clear that it views the actions of those responsible for the misconduct referred to in the settlements as being completely unacceptable. It is entirely right that the group undertook a prompt, independent and thorough disciplinary process immediately after the settlements were announced and has taken appropriate action as a result," Lord Blackwell, chairman, said in a statement.
The chairman's stance was supported by Chief Executive António Horta-Osório, who said the group is committed to preventing such behaviour from happening again.
"The changes we have implemented over the last three years as part of our successful customer-focused and UK-centric strategy have created a culture and values that focus totally on our retail and commercial customers. We are determined to make Lloyds Banking Group a company of the highest integrity and standards," Horta-Osório said.
Lloyds said it was unable to take any disciplinary action against "a number" of individuals who had already left the group prior to the settlements agreed with US and UK authorities.
The individuals who have been dismissed have the right to appeal the decisions under Lloyds' disciplinary policies and procedures.
Lloyds shares were Monday quoted down 0.5% at 76.25 pence.
By Samuel Agini; [email protected]; @samuelagini
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