{
}
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.
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.
Credit Suisse Strategic Income I
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
ubs faces auditor concerns over financial reporting controls after credit suisse takeover
Credit Suisse Strategic Income I
CHE
Philipp Krach
Tommy Reggiori Wilkes
Stefania Spezzati
Oliver Hirt
Show more
18:00 17.03.2025
ubs auditor questions financial reporting controls after credit suisse takeover
17:50 17.03.2025
parliamentarians express outrage over high salary of UBS CEO Ermotti
Swiss Franc
Credit Suisse Strategic Income I
CHE
Beat Walti
Thomas Stettler
Pierre-Yves Maillard
Gerhard Andrey
Jakob Stark
Show more
17:15 17.03.2025
ubs auditors issue adverse opinion on financial reporting controls after credit suisse merger
United States Dollar
Credit Suisse Strategic Income I
Vontobel Holding AG
Ernst & Young AG
PwrCor, Inc.
CHE
Dixit Joshi
Todd Tuckner
Andreas Venditti
David Mathers
Show more
17:12 17.03.2025
ubs auditors issue adverse opinion on financial reporting controls after credit suisse merger
United States Dollar
Ernst & Young AG
Credit Suisse Strategic Income I
PwrCor, Inc.
CHE
David Mathers
Todd Tuckner
Dixit Joshi
Show more
17:12 17.03.2025
UBS CEO Sergio Ermotti's 14.9 million salary sparks union outrage
Euro
Swiss Franc
Deutsche Bank RV Global PP
Credit Suisse Strategic Income I
DEU
CHE
Sergio Ermotti
Pierre-Yves Maillard
Colm Kelleher
Christian Sewing
Show more
17:05 17.03.2025
ubs faces backlash over ceo salary amid ongoing public scrutiny
Euro
Swiss Franc
United States Dollar
Novartis AG
Axon Partners Group, S.A.
Credit Suisse Strategic Income I
CHE
David Layton
Colm Kelleher
Sergio Ermotti
Karin Keller-Sutter
Jürg Grossen
Vasant Narasimhan
Roman Studer
Show more
16:55 17.03.2025
Raiffeisenbank Urnerland acquires former Credit Suisse building in Altdorf
16:49 17.03.2025
ubs group plans partial divestment of asset management division focused on real estate
United States Dollar
UBS Group AG
Credit Suisse Strategic Income I
HKG
CHE
JPN
SGP
LUX
Todd Tuckner
Show more
16:43 17.03.2025
ubs removes diversity targets from report prioritizing meritocracy over inclusion
15:56 17.03.2025
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Banking Regulations
CEO Changes
Finance Mergers & Acquisitions
Global Financial Events
Industry Mergers & Acquisitions
Central Bank Actions
Workplace Trends
Retail and Consumer Goods
Market Analysis and Predictions
Government Economic Policies
Startups & Entrepreneurship
Financial Scams and Security
Global Trade Developments
Commodities
Corporate Social Responsibility
Government Policies
Energy Sector Developments
Countries:
Companies:
Credit Suisse Strategic Income I
UBS Group AG
JPMorgan Chase & Co.
The Goldman Sachs Group, Inc.
Wells Fargo & Company
Bank of America Corporation
Citigroup Inc.
Morgan Stanley
Barclays PLC
Deutsche Bank RV Global PP
Apple Inc.
Tesla, Inc.
Novartis AG
Microsoft Corporation
Volkswagen AG
Banco Santander, S.A.
BNP Paribas SA
Berkshire Hathaway Inc.
NVIDIA Corporation
HSBC Holdings plc
Currencies:
United States Dollar
Swiss Franc
Euro
British Pound Sterling
Indian Rupee
Chinese Yuan
Japanese Yen
Australian Dollar
United Arab Emirates Dirham
South Korean Won
Saudi Riyal
Vietnamese Đồng
Offshore Chinese Yuan
Hong Kong Dollar
Danish Krone
Canadian Dollar
Mexican Peso
Indonesian Rupiah
Polish Złoty
Kuwaiti Dinar
People: