Bankers have become too arrogant and the industry must change, the chief executive of UBS’s investment bank told British lawmakers yesterday.
Addressing the Parliamentary Commission on Banking Standards, Andrea Orcel said UBS, which in December was fined $1.5bn for its involvement in rigging the Libor benchmark borrowing rate, was overhauling its culture and was “serious about putting integrity over profit”.
“We all got probably too arrogant, too self-convinced that things were correct the way they were – I think the industry has to change,” he said. UBS was “trying to recover the honour and standing that the organisation had in the past.”
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