Lloyds Bank dismisses 8 staff after rate rigging investigation

Lloyds Banking Group said on Monday it had dismissed eight staff following an investigation into the submission of benchmark interest rates after it was fined in July by American and British regulators.

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Lloyds, which is 25 percent owned by the British government, said around 3 million pounds ($4.9 million) in unpaid bonuses had been forfeited as a result of the action.

The bank was fined $370 million in July for its part in the attempted manipulation of the London interbank offered rate (Libor) and for attempting to fix so-called "repo" rates to reduce fees for a taxpayer-backed scheme set up by the Bank of England to support British banks during the 2008 financial crisis.