Lloyds Axes Eight Employees, Slashes Bonuses as Libor Wounds Remain Fresh

The Libor specter has once again returned to Lloyds Banking Group Plc, culminating in the dismissal of eight employees and a dramatic reduction of bonuses after the FCA found that seven managers were guilty of misconduct.

Lloyds has spent the better part of a year reconciling its involvement in Libor manipulation, which seemingly extended to every major institutional bank worldwide. Following a bevy of record fines, many of these players, including Lloyds, restructured its Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term departments and personnel.

Back at the end of July, the UK’s Financial Conduct Authority (FCA) found that seven managers, and in total sixteen individuals at Lloyds were directly involved or aware of the Libor misconduct – the bank has recently been fined $367 million for rigging benchmark rates.

According to Lloyds Chairman Norman Blackwell, “The group undertook a prompt, independent and thorough disciplinary process immediately after the settlements were announced. 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.”