UBS is in the process of rooting out 'negative elements' of its corporate culture after the firm was fined $1.5bn by regulators for trying to rig global interest rates, said Andrea Orcel, chief executive officer of the investment bank.
'We all got probably too arrogant, too self-convinced the things were correct the way they were - I think the industry has to change', Orcel said at a parliamentary hearing on Libor in London Wednesday. 'There were certainly elements of our culture that were negative and that need to be rooted out and elements of our culture that we didn’t understand'.
Bloomberg reports that Orcel said the staff involved in manipulating Libor were 'dismissed, penalized or reprimanded'. About 18 people have lost their jobs, Andrew Williams, global head of compliance at UBS, said at the hearing.
'I’m convinced that we made a lot of progress and I’m also convinced that we need to do more', Orcel said. 'I guess it’s a journey where the whole executive board are very focused at recovering the honor and standing the organization had in the past'.
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