Lloyds Said to Suspend London Trader in Libor-Rigging Probe

Lloyds Banking Group Plc (LLOY) suspended a money-markets trader amid an internal probe into alleged manipulation of key benchmark interest rates such as Libor, two people with knowledge of the matter said.

Mark Sinfield, a sterling rates trader in London, was suspended at least three months ago, said the people, who asked not to be identified as the details are private. Sinfield didn’t immediately respond to a request for comment sent through Lloyds, or to an e-mail to his work account.

“It is group policy not to comment on individual employees,” Lloyds, which is almost one-third government owned, said in an e-mailed statement today.

Prosecutors and regulators around the world are investigating firms including Lloyds to determine whether traders colluded to rig the London interbank offered rate and related benchmarks. Banks including Barclays Plc and UBS AG have been fined about $6 billion since June 2012 for manipulating Libor, the benchmark interest rate for more than $300 trillion of securities worldwide.

Lloyds has suspended at least three other traders as part of its internal Libor investigation, and communications by a fourth who left the bank in 2009 are also being scrutinized. Two of those have returned to work. None have been accused of any wrongdoing.

To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net; Gavin Finch in London at gfinch@bloomberg.net

To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Heather Smith at hsmith26@bloomberg.net

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