UBS

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

The LIBOR-rigging scandal that engulfed the banks in 2012 further dented their badly tarnished reputation and dealt another blow to public confidence, leaving investors uncertain how to play the sector.

UBS is to pay out $1.5bn in fines after it admitted its role in fixing the interbank lending rate.

Swiss bank UBS is expected to receive a $1bn fine, to settle LIBOR manipulation allegations, according to reports.

GOSLING'S GROUSE

UBS Global Asset Management has appointed Thomas Wels as head of its global real estate business.

UBS could be hit with a record penalty by the Financial Services Authority (FSA) next week following the rogue trade which cost the bank $2.3bn.

Ex-UBS manager Lawrence Kemp has resurfaced at BlackRock's New York office, where he has been appointed as managing director and head of the firm's fundamental large-cap growth team.

Former UBS trader Kweku Adoboli has been sentenced to seven years in prison after being found guilty of fraud following a $2.3bn rogue trade at the Swiss bank.

UBS Global Asset Management has hired BNY Mellon's ex-head of investment solutions Ryan Rajkumar.