Lloyds Banking Group has dismissed eight staff following an investigation into the manipulation of some key interest rates set in London.
In addition, the bank has recouped £3m of unpaid bonuses from individuals after finding that they had attempted to manipulate benchmark interest rates between 2006 and 2009.
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In July this year, Lloyds Banking Group has agreed to pay £218m ($380m) to British and US regulators to settle allegations that it manipulated Libor, the interest rate benchmark.
The bank said that the employees had been dismissed, pending their right to appeal following an internal disciplinary process.
However, the bank was unable to take disciplinary action against a number of individuals who had already left the bank prior to the settlements.
Lloyds also added it had shared the outcome of its disciplinary process with the Financial Conduct Authority and other relevant authorities.
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By GlobalDataLord Blackwell, chairman of Lloyds Banking Group, said: "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.
"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," he added.
António Horta-Osório, CEO of Lloyds Banking Group, said: "The changes we have implemented over the last three years as part of our successful customer-focused and UK-centric strategy have created a culture and values that focus totally on our retail and commercial customers."
