UBS bankers face UK probe on past mistakes and standards
Published on Jan 9, 2013 8:16 AM
ZURICH (REUTERS) - UBS' investment banking and risk management bosses will be quizzed by British lawmakers on Wednesday on standards and controls at the Swiss bank after a string of scandals.
Mr Andrea Orcel, investment bank chief executive since November after joining as co-CEO in July, heads a trio of executives who will appear before a parliamentary commission after UBS was fined US$1.5 billion (S$1.84 billion) last month for rigging Libor interest rates.
In recent years, UBS has also been hit by a US$2.3 billion rogue trading loss, about US$50 billion of US mortgage-related losses and a damaging tax avoidance row with the authorities in the United States.
Mr Orcel will be joined by chief risk officer Philip Lofts and Andrew Williams, global head of compliance.
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