Sep 29, 2014 6:49 AM
Lloyds dismisses 8 workers in rate-fixing scandal
The Associated Press
LONDON (AP) Lloyds Banking Group says it has dismissed eight members of staff following a scandal linked to the manipulation of a key global interest rate.
The London-based group said in a statement Monday that the action was taken after resolution was reached with authorities in Britain and the United States regarding an investigation into the manipulation of the London Interbank Offered Rate, or LIBOR, and the Sterling Repo Rate between 2006 and 2009.
The bank says bonuses and incentives totaling about 3 million pounds ($4.8 million) will be forfeited.
CEO Antonio Horta-Osorio say Lloyds is committed to preventing this type of behavior in the future.
LIBOR is a key rate banks use to borrow from each other and affects trillions in contracts worldwide, including mortgages, bonds and consumer loans.