Lloyds Banking Group has reportedly suspended three traders after it has agreed to pay more than US$380 million to British and US regulators to settle allegations over Libor manipulation.
The three traders who have been suspended are: Clive Jones, derivatives trader John Argent and Udit Dewan in London, Bloomberg reported.
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Under the settlement, the group has agreed to pay $177 million, $105 million and $86 million to the FCA, CFTC and DoJ respectively.
The lender also paid a further £7.8 million in redress to the BOE after its traders’ actions cut the fees banks paid for an aid program under which Lloyds was one of the beneficiaries.
Bloomberg quoted Lloyds saying: "It is group policy not to comment on individual employees."
Jones joined Lloyds Bank in 1977, while Argent returned to Lloyds in 2012 after being suspended that year amid a Libor manipulation probe.
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By GlobalDataThe bank’s performance was hit by £1.1 billion of legacy charges, including this week’s £217-million fine for its role in the Libor interbank rate-rigging scandal.
Antonio Horta-Osorio CEO Lloyds said: "We view the actions of those individuals as totally unacceptable and condemn them without reservation."
