The LIBOR investigations have cost the jobs of 8 staff at Lloyds banking group reports the Guardian.
£3m in unvested bonuses is being forfeited following disciplinary action for misconduct between 2006 and 2009. Lloyds say they will not be able to take any action against those who have already left the group.
Lloyds chairman, Lord Blackwell said;
“The Board has been clear that it views the actions of those responsible for the misconduct referred to in the settlements as being completely unacceptable.
It is entirely right that the Group undertook a prompt, independent and thorough disciplinary process immediately after the settlements were announced and has taken appropriate action as a result. A number of individuals have been dismissed. In addition, the Remuneration Committee is tasked with ensuring that the outcome of the disciplinary process and the significant reputational damage and financial cost to the group are fully and fairly reflected in the options considered in relation to other staff bonus payments.”
