Members of the U.K. Parliament questioned UBS senior executives for nearly three hours Wednesday about issues related to the London Interbank Offered Rate. UBS paid $1.5 billion, the largest fine in the investigation, to authorities worldwide for its involvement. "We all got probably too arrogant, too self-convinced that things were correct the way they were," said Andrea Orcel, head of investment banking at UBS. "I think the industry needs to change."

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