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Expecting a huge payout, investment banker loses his new job instead -

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...

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