Top UBS banker attacks City culture
UBS’s new head of investment banking Andrea Orcel admitted to MPs and peers that banks had become ‘too arrogant, too self-convinced’ in the runup to the banking crisis
Jill Treanor, UK Guardian
Banks are “too arrogant” and must undergo sweeping cultural changes, a top banker at UBS said on Wednesday as the Swiss bank was described by the incoming archbishop of Canterbury, Justin Welby, as a “corrupted organisation”.
At a hearing of the banking standards commission, UBS’s new head of investment banking, Andrea Orcel, admitted to MPs and peers that banks had become “too arrogant, too self-convinced” before the banking crisis that helped to expose the rigging of interbank lending rates. UBS was hit with a record £940m fine as a result of the scandal last month.
“I think the industry has to change,” said Orcel, who joined UBS in July and was dubbed the “Ronaldo of banking” by a commission member, while another called him a “deal junkie”.