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UBS's auditor issued an "adverse opinion" on the bank's internal controls over financial reporting for 2024, citing unresolved issues from its acquisition of Credit Suisse. The bank acknowledged material weaknesses in its financial reporting due to the complexities of integrating the two institutions and ongoing remediation efforts. UBS is under scrutiny as it navigates these legacy challenges, which have raised concerns among investors and regulators.
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' 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.
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 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.
Citigroup plans to reduce its reliance on IT contractors from 50% to 20% and hire thousands of employees to enhance data governance and risk management amid regulatory scrutiny. The bank aims to consolidate its IT operations and address recent fraud incidents linked to external contractors. As part of this strategy, Citi will relocate its IT team from Rutherford, New Jersey, to a new site in Jersey City next year.
Yatra's Chief Financial Officer, Rohan Mittal, has resigned to pursue new opportunities, as announced during a board meeting on March 12. He submitted his resignation on March 10, with his final working day to be determined through mutual discussions for a smooth transition. Mittal joined Yatra in 2022, previously serving as CFO at Rivigo and AllcargoGATI, and holds an MBA from IIM Lucknow.
Around 600 foreign companies have established their regional headquarters in Saudi Arabia, attracted by a program offering a 30-year tax relief package, including zero% corporate income tax. This initiative, launched in 2021, aims to enhance the economy and position Riyadh among the top 10 city economies globally by 2030. Factors such as modern infrastructure, a skilled workforce, and strategic location further bolster the Kingdom's appeal to multinational corporations.
EFG Private Bank has appointed Rajiv Gaglani as the new head of UK wealth planning, succeeding Ken Chapman. Gaglani, who previously worked at Standard Chartered, PwC, and Grant Thornton, will leverage his expertise in UK tax, succession planning, and real estate to enhance the bank's wealth management services. He will report to Michael Vlahovic and Evgenia Goti Koukoumaki, strengthening synergies across UK and global teams.
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