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UBS's auditor issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues from its acquisition of Credit Suisse. The bank acknowledged material weaknesses in its financial reporting due to the complexities of integrating the two institutions and ongoing remediation efforts. UBS is under scrutiny as it navigates these legacy challenges, which have raised concerns among investors and regulators.
EY's auditors issued a "negative opinion" on UBS's internal controls, citing unresolved issues from its merger with Credit Suisse, which was saved in 2023. Despite UBS's efforts to address identified weaknesses, the bank requires more time to ensure effective risk assessment processes. The Swiss Financial Markets Authority is in close contact with UBS regarding these integration challenges.
UBS CEO Sergio Ermotti earned 14.9 million francs in 2024, maintaining a similar salary to the previous year despite only nine months in the role. His compensation, which includes a fixed salary of 2.8 million and a variable portion of 12.1 million, has sparked outrage among some Swiss parliamentarians, who question the justification for such high earnings, especially given UBS's state support. The Council of States is considering a cap on banking sector salaries, while UBS defends its pay structure as aligned with performance and risk management.
UBS's 2024 annual report reveals that auditors Ernst&Young raised concerns about the bank's internal controls over financial reporting, particularly regarding issues inherited from the Credit Suisse takeover. As of December 31, 2024, UBS was deemed to have ineffective internal controls, a rare adverse opinion that signals potential misstatements in financial statements and could misrepresent the bank's financial health. UBS continues to address these internal control challenges stemming from the merger, which complicates its assessment process.
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'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 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 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.
Credit Suisse Strategic Income I
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