Hey guys! Andrea Orcel was the former Head of Investment Banking at UBS having worked two decades at (BA)ML before that and is arguably one of the strongest FIG dealmakers in recent history (and the King of Davos). Given the massive salary scandal, Santander has rescinded the CEO offer. What do you think is next in store for Orcel? Return to BAML, a different BB, EB, Buy-Side or different executive role to find a way around his non-compete-clause.
| +465 | Don’t work at UBS - UBS Sucks | 50 | 9m |
| +229 | Should My Intern Get a Return Offer? | 58 | 2d |
| +85 | UBS Accused of Favoring H-1B Workers While Cutting U.S.-Born Employees | 12 | 2m |
| +75 | Incompetent and annoying co-intern | 23 | 3h |
| +67 | Getting Laid in IB? | 28 | 2d |
| +66 | Intern keeps sleeping at work - what to tell them | 28 | 6h |
| +55 | Living in greenwich as an analyst? | 12 | 2h |
| +39 | NYC Associate Budget | 14 | 7h |
| +36 | Nauseous every morning for past 3 years in IB, anyone else? | 21 | 1d |
| +35 | Quick Thoughts on CVC AI Sale Process | 7 | 9h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
https://www.euronews.com/2019/01/25/orcel-expects-compensation-from-san…
Andrea Orcel is awaiting a compensation offer from Santander to cover lost future earnings after the Spanish lender abruptly ditched the Italian banker's appointment as chief executive, a source familiar with the matter told Reuters.
The former president of UBS's investment bank, who was also a member of its executive committee, expects to receive an offer from Santander in early February after seeing his dream job evaporate, the source said.
Now that he is no longer joining Santander, Orcel will also try to recoup deferred pay from UBS, several other sources familiar with the situation said, adding that this would be payable as long as he retires from the world of finance.
"The fact that he is no longer joining a competitor changes the dynamic of the terms of his leaving," one of the sources said. "No one has any desire for any more acrimony," he added.
Santander, which declined to comment on Friday, had named Orcel as its next chief executive in September, only to ditch him in January, saying it had underestimated the deferred pay he had accumulated at UBS and could no longer afford to hire him.
Sources said Orcel's deferred pay from UBS was estimated to be around 50 million euros (43 million pounds).
Always thought guys like him at worst could join a place like PWP/CVP/PJT as a partner not sure if Orcel would condider that though
Agreed - thought this as well. Anshu Jain joined Cantor Fitzgerald as President, after the DB fiasco. Eric Cantor is at Moelis now. So you never know...
Quia vero itaque quis explicabo et. Voluptate eligendi eos quia et culpa. Eaque tempore qui quis amet possimus natus beatae. Et adipisci magnam corrupti fugiat soluta et corporis voluptas. Quo ut officiis vitae sit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...