Monday, Dec 29, 2014Monday, Dec 29, 2014

News

 

UBS bankers face UK probe on past mistakes and standards

Published on Jan 9, 2013 8:16 AM
 
An employee uses a mobile phone as he walks past the logo of Swiss bank UBS in Zurich in this Dec 17, 2012 file photo. 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. -- PHOTO: REUTERS

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.

 
If you are not a subscriber, you can get instant, unlimited access here