In a stunning reversal, incoming Santander CEO Andrea Orcel lost his job before even starting. The Spanish lender said it can't afford the former UBS investment bank chief. Andrea Orcel was to have taken the CEO seat at Madrid-based Santander sometime this quarter.
Andrea Orcel said: “I am exceptionally proud and excited to be joining Santander as CEO and working with Ana, José Antonio and all of the organisation as we continue to ensure Santander excels. My immediate priority is to meet as many of my new colleagues as possible, and gain a new perspective on Santander from them.
Santander promised to pay “up to” 35 million euros of a 55 million euro package that Orcel was due to receive in future years from his employer at the time, UBS. The letter said Orcel would make his “best efforts” to cap that cost by getting the Swiss bank to contribute some of it. Orcel had resigned as head of UBS's investment banking business to take up the Santander offer. Sources familiar with the matter said Orcel and Santander's executive chairman Ana Botin argued over the scope of his new chief executive role as he wanted more power and autonomy in taking decisions. Der 112-Millionen-Euro-Prozess zwischen Andrea Orcel und der spanischen Bank Santander in Madrid ist überraschend verschoben worden. Dem Ex-UBS-Banker läuft die Zeit davon, an flüchtigen Boni festzuhalten. Santander dropped its appointment of Andrea Orcel as the Spanish bank's new chief executive, over the 55-year-old's pay packet.
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The veteran European rainmaker was hired for the job nearly four months ago, by the Botin family which has run Santander for more than 100 years, as finews.com reported. 2021-03-13 Santander names UBS’s Orcel as new chief executive. Top ranks of European banking shaken by surprise move. Andrea Orcel will be charged with accelerating digital change and working out how to Business News. Updated .
Dem Ex-UBS-Banker läuft die Zeit davon, an flüchtigen Boni festzuhalten. 2019-01-16 · Spain's Santander drops Orcel as its new CEO, after refusing to meet his pay demands.
MADRID, March 9 (Reuters) - A court hearing in a dispute between Italian banker Andrea Orcel and Santander has been postponed after the judge handling the case had to quarantine over contact with a
Lawyers Not only that, Orcel offered to cut the bill to Santander of paying part of the compensation owed to him by UBS from slightly over €52.0m to roughly €35.0m. For Mr. Orcel, the appointment represents a return following a very public clash with Santander and its powerful executive chairman, Ana Botin, who in 2018 offered Mr. Orcel the CEO post only to cancel it months later. Mr. Orcel is suing the bank for EUR100 million, equivalent of $121 million. 2019-01-15 · Andrea Orcel, Europe’s most famous investment banker, was poised to become the new chief executive of Santander.
A high-profile row between Spain's Santander and Andrea Orcel will go to a court showdown in March after they failed to reach a deal over the withdrawal of an offer to make the Italian banker
Orcel resigned from UBS and was put on six-month gardening leave after signing a job offer letter from Santander. However, on Jan. 15, Santander withdrew the offer to make Orcel CEO, making a rare, unexpected U-turn on such a high-level appointment. Orcel, who was head of UBS Group’s investment banking business at the time, resigned from the Swiss bank when he was offered the Santander job.
However, on Jan. 15, Santander withdrew the offer to make Orcel CEO, making a rare, unexpected U-turn on such a high-level appointment. 2019-01-16
Today News || (Bloomberg) -- Andrea Orcel’s legal feud with Ana Botin shifts this week to a Madrid courtroom where he’ll seek redress from Banco Santander
Orcel, who was head of UBS Group's investment banking business at the time, resigned from the Swiss bank when he was offered the Santander job. Neither Orcel nor Botin were in court for Monday's
Andrea Orcel turned down an offer from Santander to join its board after the Spanish banking group earlier withdrew a decision to make him its next chief executive, according to a person familiar with the matter. The offer, tabled a few weeks ago, did not appeal to Orcel who is still considering his legal options, the person said. The board
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UBS refused and Orcel then told Santander he would not accept less than 35 million euros. SANTANDER WITHDRAWS ORCEL'S OFFER. Orcel resigned from UBS and was put on six-month gardening leave after signing a job offer letter from Santander. However, on Jan. 15, Santander withdrew the offer to make Orcel CEO, making a rare, unexpected U-turn on such a high-level appointment.
Banco Santander SA reversed course on installing Andrea Orcel as its next chief executive officer after a standoff over tens of millions of dollars in deferred pay.
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In this way,José Antonio Álvarez, current CEO of Santanderand that he was going to assume the executive presidency of Santander Spain and the vice- presidency
Santander dropped its appointment of Andrea Orcel as the Spanish bank's new chief executive, over the 55-year-old's pay packet. Executive Chair of Santander 2019-01-16 A high-profile row between Spain's Santander and Andrea Orcel will go to a court showdown in March after they failed to reach a deal over the withdrawal of an offer to make the Italian banker chief executive. Orcel, among Europe's top investment bankers, is claiming breach of contract by the euro zone's third-largest bank by market value, and suing for 112 million euros ($126 million).
Andrea Orcel står redo att stämma Banco Santander på 100 miljoner dollar för på Commerzbank i Frankfurt, i ett marknadsbrev, rapporterar Bloomberg News.
He will also serve as vice chairman of the board, Santander added. Andrea Orcel said: “I am exceptionally proud and excited to be joining Santander as CEO and working with Ana, José Antonio and all of the organisation as we continue to ensure Santander excels. My immediate priority is to meet as many of my new colleagues as possible, and gain a new perspective on Santander from them.
Orcel had resigned as head of UBS's investment banking business to take up the Santander offer. Sources familiar with the matter said Orcel and Santander's executive chairman Ana Botin argued over the scope of his new chief executive role as he wanted more power and autonomy in taking decisions.