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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.
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 due to unresolved issues related to material misstatements inherited from Credit Suisse as of December 2024.
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 misstatements inherited from Credit Suisse as of December 2024.
UBS Group reported a pre-tax profit of USD 8.8 billion for 2024, more than double the previous year, and plans a 29% dividend increase to USD 0.90 per share alongside share buybacks of up to USD 3 billion in 2025. The integration of Credit Suisse is ahead of schedule, with 58% of planned savings achieved, and the bank aims for a long-term adjusted return on equity target of 15%. Analysts have mixed views on UBS shares, with some rating them as "buy" while others maintain a "hold" stance.
UBS CEO Sergio Ermotti received CHF 14.9 million in remuneration for 2024, maintaining the previous year's level, with a fixed salary of CHF 2.8 million and a variable component of CHF 12.1 million. His leadership is focused on the integration of Credit Suisse, a role he resumed on April 1, 2023, after a nine-month tenure. Recent analyses indicate a pressing need for action among UBS shareholders regarding their investment decisions.
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