The absence of female investment bankers within the upper echelons of UBS AG is one of the weaknesses that led to a culture of arrogance and fraud at the Swiss banking giant over the past decade, the bank’s CEO Andrea Orcel told a British parliamentary panel Wednesday…

Orcel, who is a man, may be the first high-level banker to acknowledge that gender imbalances may help fuel the reckless risk-taking and legal envelope-pushing that appear to be endemic within global megabanks.

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