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50-million-man of the UBS Spanish big Bank is too expensive

The former UBS investment Bank chief Andrea Orcel is chief of the largest Spanish Bank Santander. The two sides could not agree on compensation for the Manager, explained Banco Santander on Tuesday night.

it was a compensation that had been awarded to the UBS Orcel in the past seven years, he would have but can only redeem in the future. In the case of a change of Manager, the new employer takes over usually, these claims.

Orcel was appointed by Santander in September. It is then possible to determine the amount of compensation, to the Institute. Santander did not Pay. But three familiar with the Situation of persons declared that the deferred compensation would have amounted to 50 million euros or more. Orcel, could not be reached for comment.

Alvarez stays Santander-chief

it was Originally intended that Orcel takes office at the beginning of 2019. Until his notice period ends at the end of March, he is technically still employees of UBS. The largest Swiss Bank, said it was a matter between Orcel and Banco Santander. Further, the Bank did not comment on the matter to the news Agency AWP.

the management of The investment Bank UBS took over in October, a double peak consisting of Piero Novelli, and Robert Karofsky. A Person who knows Orcel, considers that it is unlikely that he is working on notice period for the UBS. At Santander, Jose Antonio Alvarez group remains the head. (nag/SDA)

Created: 16.01.2019, 09:02 PM

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