'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'.
Hit the link below to access the complete Bloomberg article:
UBS Is Rooting Out Negative Elements, Orcel Tells Panel
SAC Capital Said to Raise Bonuses Amid U.S. Insider Probe
Raiffeisen Quitting Euribor After EBF Warns of Member Exodus
The Alchemists: Three Central Bankers and a World on Fire
Hubris: How HBOS Wrecked the Best Bank in Britain
