UBS chief Orcel: Arrogant bankers must change

The chief executive of UBS' investment bank has admitted the banking industry must change, as bankers have become "too arrogant".

Speaking at the Parliamentary Commission on Banking Standards on Wednesday, Andrea Orcel told British MPs the bank is in the process of improving its corporate structure. "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 reportedly said. According to the FT, Orcel said the bank is now focusing on recovering its former honour and standing following a tough three years which has seen UBS' name dragged through the mud along with peers. UBS has faced a number of fines recently, including last year's...