UBS says focused on restoring "honor" after scandals

Reuters

UBS is determined to restore the "honor and the standing" of the Swiss bank and repair the damage from a string of scandals in recent years, its investment bank boss told British lawmakers on Wednesday.

"It's a journey where the whole executive board and board are very focused at recovering the honor and the standing that the organization had in the past," said Andrea Orcel, UBS's investment bank chief executive since November.

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Orcel and other UBS executives were appearing before Britain's Parliamentary Commission on Banking Standards after the Swiss bank was last month fined $1.5 billion for rigging Libor interest rates and a string of other scandals.

(Reporting by Steve Slater; Editing by Mark Potter)