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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's 2024 annual report reveals that auditors Ernst&Young raised concerns about the bank's internal controls over financial reporting, particularly regarding issues inherited from the Credit Suisse takeover. As of December 31, 2024, UBS was deemed to have ineffective internal controls, a rare adverse opinion that signals potential misstatements in financial statements and could misrepresent the bank's financial health. UBS continues to address these internal control challenges stemming from the merger, which complicates its assessment process.
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'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 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 has received a waiver from the U.S. Department of Labor, allowing the Swiss bank to continue managing U.S. retirement plans after a paperwork error threatened $11 billion in assets. Following a five-month review, UBS can maintain its status as a qualified professional asset manager in the U.S. until June 2029.
UBS has received a waiver from the U.S. Department of Labor, allowing it to continue managing $11 billion in U.S. retirement plans after a paperwork error jeopardized its status. The exemption, retroactive to June 2023, follows the bank's merger with Credit Suisse and is valid until June 2029, despite UBS's past legal issues. The bank expressed regret over the oversight, which necessitated adjustments to its compliance team to avoid losing clients.
Swiss lawmakers revealed a culture of secrecy that hindered the government's response to the Credit Suisse crisis, as documented in a comprehensive report. Informal "non-meetings" among officials left key ministers uninformed, complicating preparations for the bank's eventual state-backed rescue by UBS. This lack of transparency not only led to internal conflicts but also tarnished Switzerland's reputation as a stable financial hub.
The UK's Financial Conduct Authority is investigating allegations that former Credit Suisse employees shared confidential information via WhatsApp, particularly within its London research unit from mid-2022 to early 2023. The inquiry, ongoing since February 2023, focuses on potential breaches of regulations regarding electronic communications and the use of personal devices for business matters. The FCA is also examining instances where employees recorded conversations with company executives without consent, raising concerns about selective disclosure and market-sensitive information sharing.
The U.S. is investigating UBS over Russian clients acquired from Credit Suisse, amid heightened scrutiny following the latter"s collapse. The Office of Foreign Assets Control (OFAC) has engaged with UBS regarding compliance with sanctions, as the bank seeks to mitigate potential fallout by isolating suspect funds. UBS shares fell nearly 1% as regulators in Switzerland also examine the bank"s handling of these clients and its anti-money laundering practices.
Stefania Spezzati
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