Lloyds Banking Group has fired a 'rogue trader' after it uncovered a scheme designed to inflate the executive's bonus.
The executive worked in the state-backed lender's investment banking arm as head of hybrid foreign exchange and interest rate trading. The irregular trades were discovered in 2011 in a portfolio of 'complex financial products' which have lost £37m in the past two years, according to the Daily Telegraph. The employee was fired from the bank, which is 41% owned by the state, in February 2012, after he was found to have falsified trading records to hide loss-making positions, the paper said. Another member of staff was also sacked following the incident. The bank passed details to...
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