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Orcel's Rise to Santander CEO Ruined by Dispute Over UBS Pay

  • About $40 million to $60 million in pay is said to be at issue
  • Alvarez will remain in top Santander role, Spanish bank says
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Can Andrea Orcel return to work at UBS? Bloomberg’s Patrick Winters reports.Source: Bloomberg
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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.

UBS Group AG held a hard line that Orcel, who led its investment bank until a few months ago, was defecting to a rival and wouldn’t receive bonuses he was owed from previous years. That meant Santander had to make it up to the Italian executive, who was poised to achieve his career ambition of leading one of the world’s biggest banks.