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Lloyds Bank to pay £218m fine for rate manipulation

Lloyds Banking Group has agreed to pay fines worth £218 million to UK and US regulators in relation to the manipulation of Libor.

Lloyds Banking Group has agreed to pay fines worth £218 million. Credit: Press Association

The US authorities have charged the bank with "manipulation, attempted manipulation and false reporting of Libor" between April 2008 and September 2009.

The firms manipulated the benchmark interest rate at which banks lend money to each other in order to reduce the amount it paid in fees to Bank of England.

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Lloyds increases sale of TSB shares after strong demand

Lloyds Bank has increased the number of shares it is selling in TSB as a result of strong demand from investors.

The bank, a quarter of which is owned by the taxpayer, had initially decided to sell a 25% stake in TSB but has now upped the proportion to 35%.

TSB has been valued at £1.3bn. Credit: Nick Ansell/PA Wire/Press Association Images

The shares have been priced at 260p each, giving TSB a market value of £1.3bn.

Lloyds Banking Group confirm job losses

File photo dated 18/03/14 of a general view of a sign for Lloyds Bank Credit: PA Images

Lloyds confirmed the job losses, but said 65 new roles will be created across group operations and retail.

A statement said: "Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way. All affected employees have been briefed by their line manager today.

Compulsory redundancies will always be a last resort. In fact, since the strategic review in 2011 around only a third of role reductions have led to people leaving the group through redundancy."

Lloyds said that of 15,000 previously announced job losses, 13,055 will have gone after today's news.

Union urges no compulsory redundancies at Lloyds Bank

The Unite union has said it will press Lloyds Bank for a guarantee of no compulsory redundancies as the banking group was revealed to be axing 645 jobs and closing a telephone banking centre in Warrington.

Over 2,400 jobs have gone at the taxpayer bailed out bank since the start of the year leading to "plummeting" staff morale, said Unite.

Half the job losses half will result from the Warrington site's closure by the end of 2014, in a move Unite branded as "unjustified" and a "bad deal" for customers. Most of the other cuts will be from the group's wealth business and HR function, said Unite.

More: Lloyds Bank to cut 645 jobs.

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£4.2 billion raised in selling taxpayer's Lloyds shares

As the government confirmed it has sold more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills looks at what that means for the tax payer and the company:

UKFI is a company with HM Treasury as its sole shareholder which is mandated to manage the Treasury's shareholdings.

Treasury confirms it has sold 7.8% of Lloyds shares

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