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Raiffeisenbank Urnerland has acquired the former Credit Suisse building on Tellsgasse in Altdorf from UBS, marking a significant move for the bank as it relocates from its cramped premises at Lehnplatz. The transition is seen as a positive development for the village center, with renovations planned before the official move. Credit Suisse clients will now be served at the UBS branch at Rathausplatz 5.
UBS has removed its diversity targets from its 2024 annual report, shifting its focus to meritocracy. Previously, the bank aimed for 30% of management roles to be filled by women and to increase ethnic minority representation among U.S. financial advisors. A spokesperson emphasized the commitment to a diverse workforce while prioritizing merit in hiring and promotions.
UBS has removed its diversity targets from its annual sustainability report, despite CEO Sergio Ermotti's assertion that the bank's diversity, equity, and inclusion policies remain unchanged. The latest report omits previous goals for female and ethnic minority representation among directors, while retaining other sustainability targets. Additionally, UBS is reviewing its Net Zero Asset Managers initiative commitments following its acquisition of Credit Suisse, leading to the withdrawal of legacy targets.
Auditors have raised concerns over UBS Group's financial reporting controls, issuing an "adverse opinion" regarding internal controls following its $3.2 billion acquisition of Credit Suisse. This rare criticism highlights potential misstatements as UBS struggles with the integration of the failed bank, which faced significant losses and client withdrawals prior to the merger. Despite these challenges, UBS maintains a consensus Moderate Buy rating among analysts, with a price target suggesting a 20.34% upside.
UBS has removed specific diversity targets for women and ethnic minorities from its 2024 annual report, shifting its focus to meritocracy. The bank aims for 30% of managerial roles to be held by women and 18.8% of financial advisors to be from ethnic minorities by 2025, despite the absence of these targets in the latest report. Additionally, UBS has revised its climate goals, delaying its net zero asset alignment target to 2030 and extending its deadline for reducing greenhouse gas emissions to 2035.
UBS has removed diversity targets from its annual report, shifting its focus to meritocracy in hiring and promotions. While aiming for 30% of director-level positions to be filled by women and increasing ethnic minority representation among financial advisors in the US, the bank emphasizes a commitment to a diverse workforce based on skills and experience. Additionally, UBS has revised its climate goals, extending its net greenhouse gas emissions reduction deadline to 2035.
UBS has removed diversity targets from its 2024 annual report, shifting its focus to meritocracy. Previously, the bank aimed for 30% of management roles to be filled by women and to increase ethnic minority representation among U.S. financial advisors. A spokesperson emphasized the commitment to a diverse workforce while prioritizing merit in hiring and promotions.
UBS Group AG awarded CEO Sergio Ermotti nearly 15 million Swiss francs ($17 million) for 2024, maintaining compensation below the maximum amid scrutiny over bankers' pay. His package includes 2.8 million francs fixed and 12.1 million francs variable compensation, while Chairman Colm Kelleher's pay rose 17% to 5.5 million francs. The total bonus pool for 2024 is $4.7 billion, as UBS faces political pressure regarding future capital requirements, with proposed legislation aiming to limit bankers' compensation.
Sergio Ermotti, CEO of UBS, has been confirmed as Europe's highest-paid banker for 2024, receiving a total compensation of 14.9 million Swiss francs (15.4 million euros). This includes 2.8 million Swiss francs in fixed pay and 12.1 million in variable components, surpassing the earnings of other banking executives like Ana Botín and Andrea Orcel. His remuneration reflects an increase from the previous year, when he earned 14.4 million Swiss francs.
UBS' auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved misstatements from its acquisition of Credit Suisse. This rare rebuke indicates potential misrepresentation in UBS's financial statements, highlighting challenges in integrating the two banks. UBS acknowledged material weaknesses in its internal controls and is executing a remediation program, though it did not specify a timeline for resolution.
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