Firing/Clawback Watch '14: Lloyds - Dealbreaker

Firing/Clawback Watch '14: Lloyds

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The British bank has told 8 employees to turn in their ID badges and cough up their bonuses.

Lloyds Banking Group PLC on Monday said it has dismissed eight employees in relation to the bank's attempts to rig a number of benchmarks. The part government-owned bank also said in a statement that it had clawed back £3 million ($4.9 million) in bonuses from the individuals. Lloyds said that the eight individuals, which it didn't name, still have the right to appeal the bank's decision to dismiss them. In July, the bank paid $370 million to settle with U.S. and U.K. authorities for attempting to manipulate a series of benchmark interest rates, including the London interbank offered rate, or Libor.

Lloyds Dismisses Eight Staff Over Rate Rigging [WSJ]

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