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Lara Warner, former compliance and risk management head at Credit Suisse, was fined CHF 100,000 for failing to report suspected money laundering linked to the Mozambique scandal, where $2 billion was misused. Despite her claims of compliance, the Federal Department of Finance criticized her for not proactively reporting suspicious transactions. The case has drawn further scrutiny, with the Office of the Attorney General investigating her actions alongside a former CS employee and UBS.
UBS has removed all references to Diversity, Equity, and Inclusion (DE&I) from its 2024 annual report, including the goals set in previous years. The bank's commitment to a diverse and inclusive workplace remains, but specific diversity targets and terminology have been significantly reduced or eliminated.
UBS CEO Sergio Ermotti's salary for 2024 rose to CHF 14.927 million, reflecting a higher fixed salary despite a slight decrease in his bonus. The Group Executive Board's total remuneration increased to CHF 143.5 million, with an average of CHF 9.2 million per member, while the bank's Key Risk Takers received a total of $1.7 billion, averaging $2 million each. UBS noted that its CEO pay remains significantly lower than that of international competitors and other Swiss companies, despite managing a complex integration.
UBS CEO Sergio Ermotti is expected to earn slightly over 15 million francs for the past year, amid ongoing public outcry over high executive salaries. Despite a potential bonus structure allowing for up to 20 million, UBS aims to maintain a cautious approach due to political scrutiny and regulatory changes. The bank's remuneration practices, particularly in light of its state support during the Credit Suisse acquisition, have sparked calls for salary caps from politicians.
Rob Karofsky is the leading internal candidate to succeed Sergio Ermotti as UBS CEO, thanks to his extensive investment banking experience and leadership in Global Wealth Management. Known as "Killer Karofsky" for his trading skills, he is respected for his fair management style. While internal solutions are favored, UBS is also considering external candidates for the role.
Rob Karowsky is the leading internal candidate to succeed Sergio Ermotti as UBS CEO, thanks to his extensive investment banking experience and leadership in Global Wealth Management. Known as "Killer Karowsky" for his trading skills, he is respected for his fair management style. While internal options are favored, UBS is also considering external candidates for the role.
UBS Chairman Colm Kelleher is restructuring the Board of Directors, nominating Renata Jungo Brüngger, a Swiss national and Mercedes-Benz executive, and Lila Tretikov, an AI expert, both of whom lack banking experience. They will replace Claudia Böckstiegel and Nathalie Rachou, who are stepping down for personal reasons.
The Social Democrats have proposed that UBS must hold an additional $40 billion in capital to enhance its safety, citing the need for stronger banking regulations amid concerns of a potential crisis. The plan includes measures for UBS to pay for its state guarantee and to establish clearer internal structures. If parliament weakens the capital requirements, a referendum may be called to ensure stricter rules are enforced.
UBS is lobbying against stricter capital adequacy rules, arguing that increased equity requirements would raise costs and disadvantage them compared to international competitors. The bank warns that these costs would ultimately be passed on to clients, particularly affecting small and medium-sized enterprises (SMEs) in Switzerland. However, support for UBS is complicated by public backlash over high executive bonuses, with calls for more restraint in management remuneration to maintain trust in the Swiss financial sector.
Nicole Pauli, currently head of Amag Leasing, is a leading candidate for the CEO position at Raiffeisen Switzerland, which has been vacant since Heinz Huber's departure. She faces internal competition from Roger Reist, Head of Corporate Clients, and interim CEO Christian Poerschke, whose past ties to the previous leadership may hinder his candidacy.
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former cs risk chief fined for failing to report money laundering
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05:00 27.02.2025
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