Switzerland's UBS (USB) has yet to purge itself fully of the culture of arrogance that put it at the centre of a global interest rate scandal, its investment banking chief said on Wednesday.

The once-venerable Swiss bank was fined a record $1.5 billion last month for manipulating Libor interest rates, the latest in a string of scandals including a $2.3 billion rogue-trading loss and a damaging tax avoidance row with the United States.