The announcement follows a resolution between the lender and the UK-based Financial Conduct Authority (FCA) and a US-based trading commission, the Commodity Futures Trading Commission, in July this year where Lloyds was fined $370m for the rigging.
In addition to layoffs, the lender also withheld £3m of bonuses of the affected individuals.
Lloyds Banking Group chairman Lord Blackwell said: "The Board has been clear that it views the actions of those responsible for the misconduct referred to in the settlements as being completely unacceptable.
"It is entirely right that the Group undertook a prompt, independent and thorough disciplinary process immediately after the settlements were announced and has taken appropriate action as a result."
The company said in a statement: "The Group was unable to take any disciplinary action against a number of individuals who had already left the Group prior to the settlements."
Lloyds Banking Group CEO António Horta-Osório 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."
