Lloyds Banking Group conducts internal inquiry

By Marc Castro

Nov 06, 2013 10:06 AM EST

The largest mortgage lender in Britain, Lloyds Banking Group, had commenced an internal inquiry on its currency trading operations. This comes after regulatory authorities throughout the world review possible manipulation of foreign exchange rates. 

Lloyds had issued a statement in response to questions posited by Bloomberg News. It read, "We are aware that a number of regulatory and enforcement authorities are investigating foreign-exchange trading. It is prudent to review ur own foreign-exchange trading over recent years and we have commenced such a review. We will of course report anything we find to the relevant authorities and assist them as requested."

The lender had started an inquiry after the Financial Conduct Authority had asked the lender to conduct a review of its trading operations and report any irregularities if finds. This was confirmed by two individuals with knowledge of the matter who sought anonymity because of the lack of authority to discuss the matter in public. There is no formal probe being conducted against the bank and no traders of the London based financial institution has been placed on leave, on suspension or whose employment has been terminated.

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