Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Lloyds says close to Libor settlement that could reach £300m

Lloyds says close to Libor settlement that could reach £300m

Lloyds has confirmed that it is close to reaching settlement with regulators over Libor abuses following a Financial Times report that the company will pay a fine of up to £300 million.

‘LBG [Lloyds Banking Group] confirms that it is in late-stage settlement discussions with a number of agencies,’ the bank said in a short statement. ‘The settlements remain to be agreed and LBG expects they will include the payment of penalties.’

The FT reported that the settlement would include the publication of 40 emails showing traders discussing how to manipulate Libor benchmark values between 2006 and 2009.

A person familiar with the investigation said that the bank was likely to face more limited criticism than others such as Barclays, due to the wholesale change of management at Lloyds since 2009.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: bonds with Ian Spreadbury

Brewin's Gutteridge: bonds with Ian Spreadbury

This week Brewin Dolphin's research head chats to Fidelity's Ian Spreadbury about the recent behaviour of interest rates and credit spreads.

Play Can tech advances explain the UK productivity puzzle?

Can tech advances explain the UK productivity puzzle?

Much of the productivity puzzle of the last eight years may be explained by a failure to capture new tech

Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Your Business: Cover Star Club

Small is beautiful: wealth firms still see value in less rich

Small is beautiful: wealth firms still see value in less rich

Latest statistics from findawealthmanager.com show that there are many firms who still service smaller clients.

Wealth Manager on Twitter