Lloyds Banking Group has sacked eight staff and forfeited their bonuses of £3m over Libor and currency manipulation attempts.
The staff members of the taxpayer-backed bank were found guilty of misconduct for actions between 2006 and 2009.
The findings follow an investigation by UK and US regulators over manipulation attempts for the interbank lending rate, and the currency fixing known as the Sterling Repo rate.
Lloyds Banking Group CEO Antonio Horta-Osorio said: "Having now taken disciplinary action against those individuals responsible for the totally unacceptable behaviour identified by the regulators' investigations, the board and the group's management team are committed to preventing this type of behaviour happening again."
"A number of individuals have been dismissed. In addition, the Remuneration Committee is tasked with ensuring that the outcome of the disciplinary process and the significant reputational damage and financial cost to the group are fully and fairly reflected in the options considered in relation to other staff bonus payments."
Sources have told Sky News the bonus-cutting - averaging £375,000 per employee - was part of new rules over so-called clawback.
The purpose of clawing back bonus and other incentives from previous years it to dissuade bankers from reckless behaviour, if they are found liable at a later date.
The unnamed Lloyds staff now have the right to appeal the decision, in accordance with Lloyds's disciplinary policies and procedures.
Sky News City Editor Mark Kleinman revealed in February that Royal Bank of Scotland - 81% owned by the taxpayer - was eyeing up to £100m in staff bonus claw back over Libor at its investment bank.
Lloyds admitted it was unable to take any disciplinary action against a number of other staff members who left the group prior to the settlements with regulators in July.
The UK's Financial Conduct Authority fined Lloyds £105m, and it was also heavily fined by US regulators, with the overall penalty coming to £218m.
Chancellor George Osborne said the Libor fine for Lloyds would go to military good causes.
Royal Bank of Scotland was fined £390m manipulating benchmark rates in February last year, and there have been a number of other banks, including Barclays, UBS, Deutsche and JPMorgan punished.
Barclays was the first bank to settle with regulators for manipulating Libor submissions, paying £290m in June 2012.
Meanwhile, Swiss banking giant UBS has warned it faces new fines after confirming talks to settle allegations of involvement in foreign exchange (forex) rigging.
It has previously paid out fines totalling $1.5bn (£920m) over benchmark rate manipulation, and has set aside $2bn for fines over forex.
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