Skip to main content

Firing/Clawback Watch '14: Lloyds

  • Author:
  • Updated:

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]


Clawbacks Watch '13: Barclays

Those Libor fines don't pay for themselves!

Clawbacks Watch '12: Deutsche Bank

Those shares DB awarded you to make up for the ones you were leaving with your old employer? They're going to need those back. Deutsche Bank has become the first global bank to introduce rules allowing it to strip staff of bonuses they earned at previous employers in the latest crackdown on pay. The largest European lender by assets has significantly tightened its bonus rules this year, enabling it to take back unvested shares that newly hired senior staff received in exchange for stock earned at another bank. The German banks’ stricter bonus rules, which came into force in January, apply to all new senior hires considered to be involved in the bank’s risk-taking, a spokesman said. These more than 1,300 “regulated employees“ include managing directors in the corporate and investment bank and members of the management committees of all other units. One recruitment expert warned the rule could make it harder for Deutsche Bank to attract senior talent as the potential job candidates might not be willing to put at risk stock earned at a previous bank. Deutsche Bank Turns Screws On Bonuses [FT]

Bonus Watch '16: British Banks

HSBC takes the lead, while RBS defies the odds by having any money at all to distribute.