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A Star Banker’s Choice: Plum Job or Tens of Millions of Dollars

  • His attempted defection to Santander risked his deferred pay
  • People with knowledge of the matter say his next move is key
Andrea Orcel

Andrea Orcel

Photographer: Simon Dawson/Bloomberg

Andrea Orcel is facing the trade of his career: collect tens of millions of dollars in deferred compensation from UBS Group AG or keep a career in banking.

The former head of the Swiss lender’s investment bank can still contractually qualify for the backlog of compensation if he decides to work in another field or retires, according to people with knowledge of the company’s position. UBS doesn’t believe it would be obliged to make the payments if he joins any sort of financial-services competitor, the people said, asking not to be identified discussing internal decisions.