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Parliamentarians have expressed shock at UBS CEO Ermotti's salary of CHF 14.9 million, with calls for limits on executive pay, particularly in light of UBS's state-backed status. Critics argue such high compensation is unjustifiable, while some defend it as performance-related and necessary for attracting talent. A motion to cap banking sector salaries at 3-5 million francs is set for discussion in the National Council.
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 CEO Sergio Ermotti's salary of CHF 14.9 million in 2024 has sparked outrage among trade unionists, with Swiss Federation of Trade Unions president Pierre-Yves Maillard calling it "shocking" and urging for salary regulations in the financial sector. Maillard argues that such excessive earnings undermine public trust and calls for increased taxation and transparency in bonus payments. In contrast, UBS Chairman Colm Kelleher defended Ermotti's compensation, labeling his role as the most challenging in global banking.
UBS has faced criticism over CEO Sergio Ermotti's 2024 salary of CHF 14.9 million, despite a slight decrease in his bonus. Political figures and the proxy advisor Ethos have expressed concerns about high executive pay, with proposals to cap banking sector salaries gaining traction. Meanwhile, UBS is also navigating increased capital requirements to mitigate risks following the Credit Suisse integration.
On March 17, VP Bank shares rose by 2.40% to EUR 85.50, continuing a positive trend with a monthly gain of 0.88% and a 15.79% increase from its yearly low. Despite this, the bank's annual performance remains down 14.07%, with a market capitalization of 514.3 million euros and a forecasted price/earnings ratio of 10.28 for 2025. Shareholders are urged to consider their options as new analysis suggests a critical decision point for investors.
Intesa Sanpaolo has collaborated with the EIB to invest nearly €660m in Central and Eastern Europe since 2020, with €370m allocated to EU candidate countries like Serbia, Bosnia-Herzegovina, and Ukraine. In Serbia, Banca Intesa Beograd is set to provide €160m to support energy transition investments for SMEs, benefiting around 240 companies and safeguarding approximately 25,000 jobs. The bank emphasizes its role as a partner in fostering economic growth and addressing local needs through its extensive network in the region.
Lloyds Banking Group is preparing for a surge in property completions ahead of the stamp duty threshold increase on 1 April. The group aims to process all completions submitted before 25 March and has urged conveyancers to expedite Certificates of Title to help buyers avoid higher costs. After the deadline, the nil-rate threshold will drop from £250,000 to £125,000, impacting many first-time buyers and homemovers.
Phillip Basil has joined Better Markets as the Director of Economic Growth and Financial Stability, a newly established role aimed at addressing economic challenges for Main Street families and small businesses. With 20 years of experience at the Federal Reserve and JP Morgan Chase, Basil will focus on ensuring the financial system supports productive economic growth for all Americans. He holds a master’s degree in Financial Mathematics from the University of Chicago and a bachelor’s degree in Mathematical Economic Analysis from Rice University.
High-profile investors are showing bullish sentiment towards Wells Fargo (NYSE: WFC), with 75% of recent options trades indicating optimism. The trading activity includes 7 call options totaling $432,062 and one put option worth $253,920, suggesting a price target range of $67.0 to $85.0. Currently, WFC's stock is priced at $70.51, down 0.48%, with upcoming earnings expected in 25 days.
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parliamentarians express outrage over high salary of UBS CEO Ermotti
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