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UBS's auditor, Ernst & Young, raised concerns about the bank's internal controls over financial reporting, citing material weaknesses linked to the Credit Suisse acquisition. As of December 31, 2024, UBS was deemed to lack effective internal controls, a rare adverse opinion that signals potential misstatements in financial statements. The bank is actively working to resolve these issues following the emergency takeover of Credit Suisse in 2023.
Parliamentarians have expressed shock at UBS CEO Ermotti's salary of CHF 14.9 million, with calls for limits on executive pay, particularly in light of UBS's state-backed status. Critics argue such high compensation is unjustifiable, while some defend it as performance-related and necessary for attracting talent. A motion to cap banking sector salaries at 3-5 million francs is set for discussion in the National Council.
UBS auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues inherited from Credit Suisse. This rare rebuke indicates potential misrepresentation in UBS's financial statements, highlighting challenges in integrating the two banks post-merger.The bank acknowledged a material weakness in its internal controls due to increased complexity and ongoing migration efforts, while implementing a remedial program. UBS has not specified when it will fully address these issues or the associated costs.
UBS's auditors issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues from its acquisition of Credit Suisse. This rare reprimand signals potential misrepresentation in UBS's financial statements, highlighting the challenges of integrating the two banks. Despite implementing a remediation program, UBS acknowledged ongoing material weaknesses related to risk assessment and internal controls.
UBS CEO Sergio Ermotti's salary of CHF 14.9 million in 2024 has sparked outrage among trade unionists, with Swiss Federation of Trade Unions president Pierre-Yves Maillard calling it "shocking" and urging for salary regulations in the financial sector. Maillard argues that such excessive earnings undermine public trust and calls for increased taxation and transparency in bonus payments. In contrast, UBS Chairman Colm Kelleher defended Ermotti's compensation, labeling his role as the most challenging in global banking.
UBS has faced criticism over CEO Sergio Ermotti's 2024 salary of CHF 14.9 million, despite a slight decrease in his bonus. Political figures and the proxy advisor Ethos have expressed concerns about high executive pay, with proposals to cap banking sector salaries gaining traction. Meanwhile, UBS is also navigating increased capital requirements to mitigate risks following the Credit Suisse integration.
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 Group AG is considering a partial divestment of its asset management division, specifically its Swiss real estate assets, which could be valued at under $1 billion. This move follows a recent restructuring aimed at enhancing profitability and streamlining operations after the acquisition of Credit Suisse. The bank's asset management division, contributing 6.5% to total revenues, is being refocused to align with its growth ambitions in real assets.
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.
Credit Suisse Strategic Income I
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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