“No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity”.

UBS chief executive Sergio Ermotti, speaking after the bank was fined by Swiss, British and US regulators as an investigation revealed evidence of massive misconduct in the setting of Libor. Today it was confirmed that Hong Kong authorities have also launched an investigation into "possible misconduct" by UBS in submissions for Hong Kong's inter-bank lending rate.