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Given the massive salary scandal, Santander has rescinded the CEO offer.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.
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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...
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