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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'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'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.
Heinz Huber will step down as CEO of Raiffeisen Zurich at the end of the year to become Chairman of Graubünden Kantonalbank in July 2025. Christian Poerschke, currently Vice-Chairman, will serve as interim CEO. Huber, who has led Raiffeisen since January 2019, successfully navigated the bank's recovery following significant losses in 2018.
Heinz Huber will step down as CEO of Raiffeisen at the end of the year to become Chairman of Graubünden Kantonalbank in July 2025. Huber, who has led Raiffeisen since January 2019, is credited with restoring the bank's growth after a challenging period marked by significant losses. Christian Poerschke will serve as interim CEO during the transition.
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