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By Pamela Barbaglia and Silvia Aloisi
LONDON / DAVOS (Reuters) – Andrea Orcel is waiting for a compensation offer from Santander to cover future revenue losses after the Spanish lender abruptly gave up the appointment of the Italian banker as chief executive, a local source told Reuters folder.
The former chairman of the UBS investment bank, who was also part of his executive committee, is waiting to receive an offer from Santander in early February after seeing his dream job. Evaporate, said the source.
Now that he no longer joins Santander, Orcel will also attempt to recover the deferred payment from UBS, said several sources close to the situation, adding that it would be his due as long as he would withdraw from the world of finance.
"The fact that he no longer joins a competitor alters the dynamics of the conditions of his departure," said one of the sources. "No one wants more acrimony," he added.
Santander, who declined to comment on Friday, had appointed Orcel as general manager in September, but dropped him in January, claiming to have underestimated the deferred salary he had accumulated at UBS and could no longer afford to engage him.
According to sources, the deferred salary of UBS Orcel would be about 50 million euros.
KICK BOXING
The 55-year-old banker, who previously worked for Bank of America Merrill Lynch between 1992 and 2012, is on "gardening leave" until April 1, the source added, adding that he is in the process of appoint a lawyer who knows Spanish law. to advise him on his next steps.
UBS declined to comment on Orcel's situation, but a spokesman for the Swiss bank said:
"If a person meets the requirements to retire from UBS, that is, if she does not work for another financial services provider after a number of years at UBS. it receives its deferred compensation and is granted in accordance with the existing reporting schedule. "
Originally from Rome, Orcel, whose most notable contract was the purchase of ABN Amro in 2007 by RBS, Fortis and Santander during his stay at Bank of America Merrill Lynch, kicked off in kickboxing during her break and spends more time with her eight-year-old daughter.
Sergio Ermotti, managing director of UBS, told Reuters on Thursday that a return from Orcel was not a "realistic option".
Santander's decision to drop him was a surprise for Orcel, who left for South America after starting his gardening leave after leaving UBS last October.
(Additional report by Andres Gonzalez in Madrid and Brenna Hughes Neghaiwi in Zurich, edited by Alexander Smith)
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