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Lara Warner, former head of compliance at Credit Suisse, has been fined 100,000 Swiss francs for failing to report a suspicious 2016 transaction involving Mozambique's finance ministry, linked to the tuna bond scandal. Warner, who worked at the bank from 2015 to 2021, is contesting the fine, asserting that the decision not to file money laundering charges was not hers. Credit Suisse was taken over by UBS in 2023, and the case was settled out of court.
Lara Warner, the former compliance chief of Credit Suisse, has been fined 100,000 Swiss francs ($114,000) by Switzerland's finance ministry for failing to report a suspicious 2016 transaction involving Mozambique's finance ministry. This case is linked to the $1.5 billion "tuna bond" scandal that led to a default crisis in Mozambique. Warner, who worked at Credit Suisse from 2015 to 2021, is contesting the fine, asserting that the decision not to file a money laundering report was not hers.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying as it revises financial regulations following Credit Suisse's collapse. She emphasized the need for new capital requirements to protect taxpayers and ensure that systemically important banks like UBS can be resolved in a crisis. Despite UBS's opposition, Keller-Sutter reaffirmed the government's commitment to tightening capital rules for major banks.
Swiss Finance Minister Karin Keller-Sutter stated that the government will not be influenced by UBS's intense lobbying while drafting new financial regulations following Credit Suisse's collapse. She emphasized the need for higher capital requirements for major banks to protect taxpayers and ensure that systemically important banks like UBS are resolvable in a crisis. Keller-Sutter confirmed ongoing communication with UBS's management but reiterated that the government's role is to balance public interests with the banking sector's proposals.
UBS has removed diversity targets from its 2024 annual report, shifting its focus to meritocracy. Previously, the bank aimed for 30% of management roles to be held 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.
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.
UBS has removed specific diversity targets for women and ethnic minorities from its 2024 annual report, shifting its focus to meritocracy. The bank aims for 30% of managerial roles to be held by women and 18.8% of financial advisors to be from ethnic minorities by 2025, despite the absence of these targets in the latest report. Additionally, UBS has revised its climate goals, delaying its net zero asset alignment target to 2030 and extending its deadline for reducing greenhouse gas emissions to 2035.
UBS has removed diversity targets from its annual report, shifting its focus to meritocracy in hiring and promotions. While aiming for 30% of director-level positions to be filled by women and increasing ethnic minority representation among financial advisors in the US, the bank emphasizes a commitment to a diverse workforce based on skills and experience. Additionally, UBS has revised its climate goals, extending its net greenhouse gas emissions reduction deadline to 2035.
Switzerland's financial market regulator, FINMA, has chosen not to comment on the adverse opinion issued by UBS's auditor regarding the bank's internal control effectiveness over its financial reporting for 2024. This development raises concerns about UBS's financial governance.
UBS has expressed concerns over an "ill-informed" public debate in Switzerland regarding the risks associated with its business and size, which is creating uncertainty ahead of 2025. The bank, facing new regulations after acquiring Credit Suisse, is already meeting high capital requirements but awaits further details from the Swiss government on future capital needs. UBS supports measures for executive accountability and a public liquidity backstop for systemically important banks.
Ariane Luthi
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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