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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.
Sergio Ermotti, CEO of UBS, earned CHF 14.9 million in 2024, slightly down from CHF 14.4 million in 2023, reflecting a daily income of around CHF 57,000. His compensation includes a fixed salary of CHF 2.8 million and variable pay of CHF 12.1 million. The Executive Committee's total remuneration nears CHF 143.6 million, amid ongoing debates in Parliament regarding a proposed salary cap for bankers.
UBS chief Sergio Ermotti was paid €15.4 million last year, maintaining his position as Europe's highest-paid bank executive amid increasing scrutiny of financial sector remuneration in Switzerland. His compensation exceeds that of peers at HSBC, Deutsche Bank, and Banco Santander, but remains lower than US counterparts like Jamie Dimon and Ted Pick. As UBS faces potential capital requirement increases following the Credit Suisse takeover, Ermotti and chair Colm Kelleher criticized the public debate on executive pay, warning that excessive regulations could harm Switzerland's economic competitiveness.
UBS's 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 working on remediation efforts, but did not specify a timeline for resolution.
UBS's 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. The bank acknowledged material weaknesses in its internal controls and is working on a remediation program, though it did not specify a timeline for resolution.
UBS's auditors issued an "adverse opinion" on the bank's financial reporting controls for 2024, citing unresolved misstatements inherited from Credit Suisse. The bank acknowledged a material weakness in its internal controls due to the complexities of the merger and ongoing remediation efforts. UBS is working to address these legacy issues, which have raised concerns about the accuracy of its financial statements.
Sergio Ermotti, UBS's CEO, earned 14.9 million francs last year, making him Europe's highest-paid banking manager, sparking renewed political debate over executive salaries. A recent motion proposes capping bank managers' salaries at 5 million francs, which could hinder talent acquisition in the financial sector. Critics argue that excessive variable pay encourages risky behavior, echoing concerns from past banking crises.
UBS CEO Sergio Ermotti earned nearly 15 million Swiss francs for 2024, comprising CHF2.8 million in fixed pay and CHF12.1 million in variable pay, amid scrutiny over bankers' compensation in Switzerland. This package is slightly higher than the 14.4 million francs he received for nine months in 2023. The bank's board of directors will earn 14 million francs for the 2024-2025 period, reflecting a broader focus on aligning compensation with performance and risk appetite.
Sergio Ermotti remains Europe's highest-paid banker with a salary of CHF 15 million, drawing criticism amid UBS's handling of the Credit Suisse integration. UBS Chairman Colm Kelleher acknowledged the public backlash over Ermotti's remuneration, which has sparked discussions in parliament about capping banking salaries at three to five million francs. Kelleher warned that such limits could hinder the bank's ability to attract top talent.
UBS's auditor has issued an "adverse opinion" regarding the effectiveness of the bank's internal controls over financial reporting for 2024. The annual report reveals a material weakness stemming from unresolved issues related to material misstatements inherited from Credit Suisse as of December 2024.
Credit Suisse Strategic Income I
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