The dismissals also include clawbacks of $4.9M in bonuses.
Lloyds Banking Group, which this past summer paid $370 million to settle charges in the U.S. and the U.K. that between 2006 and 2009 it had been involved in the manipulation of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates, reports that eight employees have been dismissed in connection with the scandal.
In addition, the employees’ “unvested bonuses and long-term incentives totaling approximately £3 million [$4.9 million] in aggregate for the individuals who have been dismissed will be forfeited.” The Lloyds’ actions are subject to appeal by the eight former employees, who have not been identified, according to Lloyds’ statement.
“The Group was unable to take any disciplinary action against a number of individuals who had already left the Group prior to the settlements,” according to the statement. “As it has throughout the investigation leading up to resolutions announced on 28 July 2014, the Group has shared all relevant information with the FCA [the U.K.’s Financial Conduct Authority] and other relevant authorities, including the outcome of the disciplinary process.”
In the statement, both Lord Blackwell, Lloyds Banking Group’s chairman, and António Horta-Osório, Lloyds CEO, call the actions of the dismissed individuals entirely “unacceptable.”
“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 customer,” Horta-Osório notes in the statement. “We are determined to make Lloyds Banking Group a company of the highest integrity and standards.”
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