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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 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.
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 his 2023 earnings of 14.4 million Swiss francs. His remuneration exceeds that of Santander's Ana Botín and UniCredit's Andrea Orcel, who earned 13.77 million and 13.2 million respectively.
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.
Sergio Ermotti, CEO of UBS, earned nearly CHF 15 million in 2024, with a stable monthly salary of CHF 208,333 and a reduced annual variable component of CHF 12.10 million. The total remuneration for UBS's management team rose to CHF 143.6 million, while the supervisory board's compensation decreased to CHF 14 million. The integration of Credit Suisse is ongoing, with significant savings expected by 2027.
Oswald Grübel, a prominent figure in Swiss banking, criticizes the idea of capping banker salaries, arguing it undermines market dynamics and could lead to less competent leadership. He praises the swift merger of Credit Suisse with UBS as a necessary move for the financial center, while expressing concern over the public's lack of awareness regarding the importance of Switzerland's financial sector. Grübel also comments on geopolitical issues, including Donald Trump's tariff policies, and warns against closer ties with the EU, emphasizing the need to maintain Switzerland's neutrality.
UBS reported a significant increase in bonuses for senior staff, with the bonus pool rising by 11% and individual key risk taker (KRT) bonuses up 27% to an average of $1.38m. Despite this, the overall performance of its investment bank lagged behind competitors, particularly in M&A revenues. Additionally, UBS is cutting around 20,000 jobs, resulting in increased severance payments, with the average payout rising to $129k.
UBS is facing scrutiny after auditors issued an "adverse opinion" on its internal financial reporting controls for 2024, primarily due to unresolved issues from its acquisition of Credit Suisse. The bank is struggling to integrate the two entities, complicating its internal control measures and raising concerns about financial accuracy. Ernst & Young highlighted that UBS has not maintained effective internal reporting controls, attributing this to the complexities of the integration and a limited timeframe for corrective actions.
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ubs shifts focus to meritocracy in diversity strategy and climate goals
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