Former UBS Investment Bank Head Says He Was Negligent on Libor

Jerker Johansson, a former head of UBS AG’s investment bank, said his unawareness of rigging of global interest rates at the biggest Swiss bank was a failure and negligent.

“I would describe it as a failure,” Johansson, who headed the unit from March 2008 until April 2009, told the U.K.’s parliamentary commission on banking standards in London today. He agreed with the description from Andrew Tyrie, the commission’s chairman, that it was also negligent.