'Still more arrogance to purge at UBS'

UBS had yet to purge itself fully of the culture of arrogance that put it at the centre of a global interest rate scandal, its investment banking chief said yesterday.

The once-venerable Swiss bank was fined a record US$1.5 billion last month for manipulating Libor interest rates, the latest in a string of scandals including a US$2.3 billion rogue-trading loss and a damaging tax avoidance row with the United States.

via Business feed http://www.scmp.com/business/banking-finance/article/1124213/still-more-arrogance-purge-ubs