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Expecting a Huge Payout, Investment Banker Loses His New Job Instead

By Tony Seruga

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.CreditCreditSimon Dawson/Bloomberg

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…

Expecting a Huge Payout, Investment Banker Loses His New Job Instead

Categories : Private Equity

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