Arab Today, arab today lloyds bank sacks eight staff after raterigging probe
Last Updated : GMT 06:37:29
Arab Today, arab today
Arab Today, arab today

Lloyds bank sacks eight staff after rate-rigging probe

Arab Today, arab today

Arab Today, arab today Lloyds bank sacks eight staff after rate-rigging probe

Lloyds bank
London - AFP

Lloyds Banking Group has sacked eight workers and withheld bonuses in disciplinary measures linked to the Libor interest rate-rigging scandal, the state-rescued lender said on Monday.
Earlier this year, Lloyds was fined £218 million ($353 million, 279 million euros) by British and US regulators regarding its submissions to the British Bankers' Association (BBA) London Interbank Offered Rate (Libor) and Sterling Repo Rate.
"Lloyds Banking Group... has taken disciplinary action against certain individuals following the resolutions reached in July with UK and US federal authorities regarding attempts to manipulate certain submissions to the BBA LIBOR and Sterling Repo Rate between 2006 and 2009," it said in a statement on Monday.
"As a result -- and subject to the affected individuals’ right to appeal the decisions in accordance with the group’s disciplinary policies and procedures -- eight individuals have been dismissed."
Lloyds added that bonuses and long-term incentives totalling £3.0 million will also be forteited in accordance with its company policy.
The Libor scandal erupted two years ago when British bank Barclays was fined £290 million by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009. Euribor is the eurozone equivalent of Libor.
The London Interbank Offered Rate, or Libor, is a flagship instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
Other banks have meanwhile faced far bigger fines than Barclays over Libor, notably Swiss lender UBS which was ordered to pay a penalty of $1.5 billion.
Part of the fines also related to attempts by the bank, which is 25-percent owned by the British taxpayer, to manipulate fees for participation in a government-backed scheme to support lenders during the global financial crisis.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lloyds bank sacks eight staff after raterigging probe Arab Today, arab today lloyds bank sacks eight staff after raterigging probe

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lloyds bank sacks eight staff after raterigging probe Arab Today, arab today lloyds bank sacks eight staff after raterigging probe

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday