Banco Santander said on Tuesday that it would no longer hire Andrea Orcel as its chief executive after it refused to pay him more than $50 million in deferred compensation he was owed by his previous employer, UBS.
Andrea Orcel is Europe’s most famous investment banker, a suave, brash and fabulously wealthy dealmaker who counts many of the Continent’s chief executives as his longtime clients.
Last fall, he agreed to become one of those C.E.O.s. He accepted a job running the day-to-day operations of Banco Santander, a sprawling European and American lender whose ruling Botín family is one of Mr. Orcel’s oldest patrons.
On Tuesday, that deal unraveled — doomed by an extraordinary public spat over who would pay Mr. Orcel the more than $50 million in deferred compensation he was owed by his previous employer, the Swiss bank UBS. It leaves Mr. Orcel without a job and leaves his once-high-flying career in limbo.
Mr. Orcel, who did not respond to requests for comment, was scheduled to become Santander’s chief executive early this year, working hand in hand with the bank’s executive chairwoman, Ana Patricia Botín. Mr. Orcel had spent the past seven years at UBS, heading investment banking, but resigned after Santander said it was hiring him.
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