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Lloyds suspends 7 employees in wake of Libor rigging scandal

Lloyds Banking Group has suspended seven employees for their role in the manipulation of Libor and reducing the cost of access to the Government’s Special Liquidity Scheme.

According to The Guardian, those suspended by Lloyds on Monday were three of the four unnamed individuals cited by the FCA in its final notice.

None of the suspended employees have been named, but the report says up to 22 people are involved in the manipulation. Six had already been suspended by the bank before the fine was issued, while the rest have already left.

The regulator yesterday handed Lloyds a £105m fine for manipulating Libor and attempting to reduce the amount it had to pay to access the SLS.

Following the FCA’s announcement, Bank of England governor Carney wrote to Lloyds chairman Lord Blackwell saying: “Such manipulation is highly reprehensible, highly unlawful and may amount to criminal conduct on the part of the individuals involved.”

Lloyds chairman Lord Blackwell responded by saying the bank was investigating the individuals involved and that he shared the Governor’s concerns about the “truly shocking conduct”.

The bank has so far been fined a total of £218m, including a £62m penalty to the US Commodity Futures Trading Commission and £51m to the US Department of Justice. 

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