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Andrea Orcel
Orcel appearing before the Parliamentary Commission on Banking Standards, 2013
Born (1963-05-14) May 14, 1963 (age 61)
Rome, Italy
Alma materUniversity of Rome
INSEAD
OccupationInvestment banker
Years active1988–present
Spouse
Clara Batalim-Orcel
​
(m. 2009)​
Children1
RelativesRiccardo Orcel (brother)

Andrea Orcel (Italian: [anˈdrɛːa orˈtʃɛl];[1] born May 14, 1963) is an Italian investment banker who most recently served as the president of UBS Investment Bank from November 2014 to September 2018. He was slated to succeed José Antonio Alvarez as chief executive of Spanish bank Banco Santander from September 2018 to January 2019. Since early 2020, Orcel has been linked to taking over as CEO at a variety of financial institutions including starting his own boutique investment bank.

Born in Rome, Italy, Orcel attended the University of Rome, Sapienza, graduating with degrees in economics and commerce. He attended the INSEAD business school in Paris before working at Goldman Sachs and Boston Consulting Group during the late 1980s. In 1992, he was hired by Merrill Lynch & Co. where he spent the succeeding twenty years in their mergers and acquisitions (M&A) department in London. He left Merrill Lynch in 2012 to join Swiss investment bank UBS at the behest of its CEO, Sergio Ermotti. From 2012 to 2018, Orcel managed through the 2013 Libor trading scandal, led a major corporate restructuring, aggressively downsized the bank, and ramped up M&A activity.

Orcel is a leading figure in European business and international banking. He has consolidated an enduring legacy of being one of the most successful investment bankers of his generation,[2][3] widely known as the "Ronaldo of investment banking."[4] He is an outspoken supporter of increased banking regulation, corporate social responsibility, and enhanced market supervision.

Early life and education

Andrea Orcel was born on May 14, 1963 in Rome, Italy.[5][6] His father ran a small leasing company and his mother worked for the United Nations.[7] Orcel attended the Lycée français Chateaubriand in Rome for secondary school, at his mother's request, so he could learn French in addition to his native Italian.[7] Orcel attended the University of Rome, Sapienza, majoring in economics and commerce.[7] While a university student Orcel reportedly skipped class, as attendance was optional, and went backpacking in South America before returning to take his final exams.[7] He has stated that a vacation to the United States when he was 18 sparked in him a "passion for banking". He graduated summa cum laude with an undergraduate thesis was on hostile takeovers.[8] He went on to attend the INSEAD business school in Fontainebleau, France.[5]

Career

Merrill Lynch

Orcel worked at Merrill Lynch & Co. from 1992 to 2012, a firm that was acquired by Bank of America in 2009 to create Bank of America Merrill Lynch.

Upon his graduation, Orcel was hired by American investment bank Goldman Sachs in 1988, aged 25, to work in their fixed income business in London.[9] A year later he left the firm to work as a senior consultant at Boston Consulting Group from 1989 to 1992 in their corporate restructuring and strategy departments in Paris, France.[10] In 1992, he was asked to join Merrill Lynch & Co. in their Financial Institutions Group (FIG) back in London.[11] Orcel orchestrated the $25 billion (€21.2 billion) merger of Italian banking groups, Credito Italiano and UniCredito to form banking conglomerate UniCredit in 1998.[11] UniCredito had originally wanted to go public but the valuation that investment bankers at a rival bank gave it made them "unhappy".[12] Orcel called the bank and offered to explore the possibility of a merger with a comparable company as the initial deal was going through; he brought them to Merrill Lynch a week later.[12] The merger made UniCredit the largest bank in Italy.[12] The following year he personally closed the $13 billion (€11 billion) merger of Banco Bilbao Vizcaya and Argentaria to create BBVA.[11] BBVA became the second largest bank in Spain after the merger.[11] Orcel served as the head of the Global FIG from 2003 to 2007, succeeding Joseph Willit.[5][13] In 2004, Orcel initiated Spanish bank Santander's acquisition of British subsidiary Abbey National, expanding the banks operations into the United Kingdom in a deal worth $15.56 billion (£13.8 billion).[14][5] He was tapped by the Royal Bank of Scotland (RBS) in 2007 to advise on a $55 billion (£49 billion) acquisition of ABN Amro.[15] The deal was orchestrated by Orcel after he brought in Fortis and Santander to execute a three-way consortium bid for ABN Amro.[15] At the time, the bid set a record for the largest merger or acquisition in financial services history.[16][17] For the acquisition, Orcel collected $12 million (£7.5 million) in advisory fees.[15] Months later, the oncoming financial crisis surfaced, quickly absorbing the capital buffers of banks all over the world, causing major damage to RBS and forcing the UK to seize control of it.[15] >On January 30, 2009, Santander hired Orcel once more to complete their acquisition of Sovereign Bank, in a deal valued roughly at $1.9 billion (€1.4 billion).His relationship with Santander's executive chairman, Emilio Botín, was reported as being particularly close during this time; Botín sent handwritten thank you notes to Orcel after each deal. Orcel, in turn, felt "emotionally attached" to the bank and the Botín family. Orcel led a team to execute a $8.5 billion (€7.5 billion) rights offering for UniCredit, at the height of the Eurozone crisis in January 2012.[18] Recalled as the "scariest [moment] of his career", he broke through Merrill Lynch's risk limits to secure the deal, drawing wide-spread industry attention.[18] In April 2012, Orcel was tapped by Swiss investment bank UBS CEO Sergio Ermotti to lead their sell side and UK operations.[8][5] Two of Merrill Lynch's largest corporate clients, UniCredit and Santander, reportedly transferred their business to UBS, following Orcel.

UBS

Orcel worked at the UBS Investment Bank from 2012 to 2018.

Following the 2011 UBS rogue trader scandal and a corporate restructuring, Orcel was invited to the group executive board and appointed the co-CEO of the investment banking unit of UBS.[5] In November 2012, he was asked to serve as the CEO of UBS AG–the main private banking unit of UBS Group AG before taking sole control of the investment bank.[5] Upon his acceptance of the position, UBS paid Orcel Sfr6.3 million in cash and awarded him Sfr18.5 million in stock options, for a total sign-on bonus of Sfr25 million (£17 million, $26.2 million, or €23 million).[19][20] In January 2013, following the Libor scandal, Orcel was called before the British Parliament's banking standards commission to explain the company's role in the scandal.[21] Present for nearly three hours of testimony, he expressed regret for the firm's role and stated to commissioner Andrew Tyrie: "we all got probably too arrogant, too self-convinced that things were correct the way they were. I think the industry needs to change."[4] Later that year he was compensated $26 million, in line with a 7% clawback of the company's bonus pool.[22] Although he was hired in a primarily managerial role, he continued to advise some of the firm's higher profile clients and institutional partners.[4] From early 2013 to late 2014 Orcel initiated a corporate restructuring of the investment bank, to "[stop] trying to be the biggest investment bank and [focus] on being the best".[23] With a focus on return-on-investment (ROI), deleveraging, and cost reduction, Orcel increased majority capital positions while diminishing the size of the bank.[23] In May 2015, he was the highest earning executive at UBS Group AG, grossing $8 million in base salary.[12] In June 2016, Orcel offered MPS–a client of his at Merrill Lynch during the financial crisis–$5.6 billon (€5 billion) in debt and equity when it was facing liquidity issues and was reaching out to a handful of banks.[24] Orcel made this offer to counter a bailout by the Italian government but was jointly rejected by the Italian prime minister Matteo Renzi and MPS.[24] In February 2016, he orchestrated the merger of Vodafone's and Liberty Global's operations in the Netherlands to create a joint venture in a deal worth $1.1 billon (€1 billion).[8]

From 2012 to 2017 Orcel fired thousands of employees in order to boost profitability, reducing the company's wage requirements by $3 billion.[25][26] During his tenure he averaged a yearly return-on-equity of 13.4% to 29.2%.[27] In May 2017, he approved a $2.8 billion (€2.6 billion) financing package to Chinese conglomerate HNA Group so they could buy a 10% stake in Deutsche Bank.[8][28] In August 2018, a UBS Investment Bank trainee accused one of Orcel's managing directors of drugging and sexually assaulting her at a social gathering in September.[29] Orcel personally invited her to his London office to clarify that the director had been suspended and subsequently resigned.[30] Orcel appeared on Bloomberg Markets later that day explaining a revamped infrastructure and process of handling sexual misconduct at the company, noting it must be "completely eradicated".[31] All throughout the late 2010s, it was speculated that Orcel was to either succeed Ermotti as the chief executive of UBS,[32][33] or go on to lead either MPS,[12] Cassa Depositi e Prestiti,[34] or UniCredit.[35]

Santander

Orcel was slated to join Banco Santander as its chief executive from September 2018 to January 2019.

In September 2018, Ana Botín announced that Orcel would lead Spanish commercial bank and financial services company Banco Santander as its chief executive officer (CEO), starting early 2019.[36][37] Orcel formally left UBS on September 30, 2018.[38] His appointment to the chief executive made him the first non-Spanish individual to be nominated for such a high-ranking position at the company. Despite being a traditional mergers and acquisitions banker, Orcel expressed interest in staving off banking digitization instead of acquiring more banks or merging with other large banks.[38] As Orcel abruptly left UBS, his employment contract included variable remuneration valued at $21.3 million (€18.5 million).[39] Santander bought out his contract, paying Orcel this remuneration as a part of his sign-on bonus on October 19, 2018.[39]

In January 2019 he and Botín were unable to convince European regulators, UBS’s Ermotti and Axel Weber, and Santander’s board of directors that Orcel was joining the company from a non-competing bank.[3] As such he was classified as a “bad leaver” by UBS and executives at the Swiss bank refused to pay out his deferred stock options enforcing a “hard-lined” departure policy.[3] This triggered his offer of employment at Santander to absorb the complete cost of those deferred stock options.[40] The total amount Santander had to pay to hire Orcel increased from $21.3 million to more than $50.7 million (€50 million). One estimate had the total cost of Orcel’s contract to be as high as $60 million. Santander could only cover a third of that amount.[41] Botín called Orcel and told him that the position was still open for him if he was willing to forfeit “up to $60 million dollars [in deferred compensation]”.[42] They offered him cash sign-on bonus of €17 million as well as up to €35 million of Santander shares to compensate him for deferred pay with a €10 million ($13 million) annual salary.[42]

After Orcel offered two concession arrangements on his contract, the lowest amount he would go down to was deemed "too expensive" for Santander. Orcel was released from his contract and regained his UBS deferred stock options.[43] Industry reaction to the news was mixed with Euromoney stating: “If Santander wanted him, it should have paid for him”[44] while The Economist noted the political backlash Santander would face for hiring Orcel after Spain's recent financial crisis.[45] The Spanish bank offered Orcel capital to start his own investment bank after withdrawing their job offer but he declined.[46] On July 3, 2019, Orcel launched a €100 million ($113 million) breach-of-contract lawsuit against Santander.[47] Since February 2020, the lawsuit is ongoing in the local Madrid court system.[48]

Post-Santander

As of 22 January 2019, he is on track to collect his deferred UBS compensation in full by 2026, aged 63.[42] After completing his "gardening leave”, it has been speculated that he would either start his own boutique investment bank, return to UBS, wait until another CEO position opened up, or go into early retirement.[49] With respect to starting his own investment bank, the Investor's Chronicle noted that there could be a potential conflict-of-interest as many of his former UBS colleagues "might decamp to him", competing directly with UBS for deal flow and clients.[50] Orcel has, since early 2020, been linked with taking over as CEO at a variety of banks including Monte dei Paschi (MPS), Cassa Depositi e Prestiti, UniCredit, HSBC, Credit Suisse, and Barclays.[51]

Management style

Orcel's management style has widely been received as valuing hard work and presenteeism, and being performance-driven. He himself reportedly works 18-hour days, waking up around 5:00 AM and working until 11:30 PM to midnight.[12][6] Orcel has stated in interviews that his favorite book is Angela Duckworth’s Grit: The Power of Passion and Perseverance, whose central thesis is that "the secret to success is not raw talent, but rather a blend of passion and persistence."[7] | quote = "Fiat is not the same as Audi, and Audi is not the same as Porsche, and Porsche is not the same as Ferrari. They are all in the auto industry, but they are addressing different markets and, depending on the dynamic in those segments, they are likely to do better or worse. The revenues are not the key determinant in terms of performance — ROE, or profitability, in terms of what is returned to shareholders, is a more significant measure of success." | source = Orcel, on the modern investment banking market, February 2017[52] | align = right | width = 28em | bgcolor = #CCDDFF | qalign = left | salign = left }}Orcel frequently uses the Italian auto-manufacturer Ferrari[52] to describe his affection for "focused" and "lean" execution of strategies as opposed to bigger, less versatile banks, i.e. as opposed to a Fiat automobile.[25][53] He similarly uses European football to describe such strategies, referring to UBS as the "Croatia of investment banking" following the 2018 FIFA World Cup final.[54] In June 2016, Orcel led an initiative where UBS bankers were granted two hours of "personal time" every week in order to boost work-life balances.[55] On March 31, 2017, Orcel expressed his affection for shared parental leave and voiced his support for the growing movement in Europe to let fathers and mothers take extended time off of work to be with newly born and young children.[56]

Public image and legacy

For his affection for dealmaking, Orcel has been dubbed the "Ronaldo of investment banking"[57][58] (in reference to footballer Cristiano Ronaldo)[4] and a "deal junkie"[59][60] by the international press and select British government officials. Spanish media has called him el tiburón de las finanzas globales ("the shark of global finance").[61] In France and Italy, he is known as the requin alpha de la finance ("alpha shark of finance") and the re dei deal-maker (“king of deal makers”), respectively.[62] After moving from UBS to Santander in 2019, the New York Times estimated that Orcel was likely "Europe's most famous investment banker."[3] As a function of his dealmaking career, he has been noted as one of "the most successful investment bankers of his generation".[2][3] From 1988 to 2018, Orcel was widely seen as "[orchestrating] some of the world’s biggest corporate transactions."[3]

Personal life

While at Merrill Lynch and UBS, Orcel worked in their London offices, living in the Kensington district.[63][6] He is married to Portuguese interior designer Clara Batalim-Orcel with whom he has one daughter.[64] He married Batalim-Orcel in 2009, aged 46, after 16 years of dating. He has a pet husky named Flash.[7]

A known polyglot, he speaks five European languages: Italian, French, English, German, and Spanish, fluently.[65][66] He is also noted for his preference for silk Salvatore Ferragamo ties.[53][67] Orcel's exercise regime includes high intensity running (HIR), weight training, and water skiing.[12]

His younger brother, Riccardo, worked as an investment banker with Orcel at Merrill Lynch & Co. during the late 2000s. He was appointed deputy chief executive of VTB Bank in July 2013 and has occasionally worked with Andrea on mutual deals.

Career statistics

Dealmaking

This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.
As of market close 8 March 2020[68][24][11]
Dealmaking by bank, fiscal year, and market value
Bank FY MKT M&A IPO / RO Total Value ($B)
Entity A Entity B Final Entity Value ($B) Acquirer Target Value ($B) Issuer Value ($B)
Merrill Lynch & Co. 1998–99 Bulge Bracket Credito Italiano UniCredito UniCredit 25[a] – – – – – 25
1999–00 Bulge Bracket Banco Bilbao Vizcaya Argentaria BBVA 11[b] – – – – – 11
2004–05 Bulge Bracket – – – – Banco Santander Abbey National 15.56 – – 15.56
2007–08 Bulge Bracket – – – – Royal Bank of Scotland ABN Amro 55[c] – – 55
Bulge Bracket – – – – Banco Santander Alliance & Leicester 1.6 – – 1.6
2008–09 Bulge Bracket – – – – Monte dei Paschi Banca Antonveneta 10 10% stake of VTB Bank 3.3 13.3
Bulge Bracket – – – – Banco Santander Sovereign Bank 1.9 – – 1.9
Total 36 Total 84.06 Total 3.3 123.39
Bank of America Merrill Lynch 2011-12 Bulge Bracket – – – – – – – Rights offering: UniCredit 8.5 8.5
Total – Total – Total 8.5 8.5
UBS 2016–17 Bulge Bracket Vodafone's Dutch operations Liberty Global's Dutch operations Joint Venture 1.1 – – – – – 1.1
2017–18 Bulge Bracket – – – – HNA Group 10% stake in Deutsche Bank 2.8 – – 2.8
Total 1.1 Total – Total – 3.9
Career total 37.1 82.16 11.8 135.76

Sign-ons

From To Position Bonus ($M) Bonus (€M) Date References
 Merrill Lynch & Co.  Bank of America Merrill Lynch Executive Chairman of the Investment Bank $34.0[d] €29.0 2009
 Bank of America Merrill Lynch   UBS Investment Bank President $26.2[e] €23.0 2012 [19][20]
  UBS  Banco Santander Chief Executive Officer (CEO) $21.3[f] €18.5 2019 [39]

Notes

  1. ^ The market value of the deal established UniCredit as the largest banking institution in Italy.
  2. ^ The market value of the deal established BBVA as the second largest banking institution in Spain.
  3. ^ This was later identified as setting the record for "the largest deal in financial services history" in 2007.
  4. ^ Orcel worked at Merrill Lynch & Co. from 1992 to 2012, a firm that was acquired by Bank of America in 2009 to create Bank of America Merrill Lynch. He was appointed Executive Chairman of the Investment Bank in the transition, receiving a sign-on bonus of $34 million (€29 million).
  5. ^ Upon his acceptance of the position, UBS paid Orcel Sfr6.3 million in cash and awarded him Sfr18.5 million in stock options, for a total sign-on bonus of Sfr25 million (£17 million, US$26.2 million, or €23 million).
  6. ^ As Orcel abruptly left UBS, his employment contract included variable remuneration valued at $21.3 million (€18.5 million). Santander bought out his contract, paying Orcel this remuneration as a part of his sign-on bonus on October 19, 2018.

See also

References

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  2. ^ a b Wighton, David (October 29, 2018). "Andrea Orcel's exit raises new risks and questions for UBS". Financial News London. Retrieved October 30, 2018. One of the most successful investment bankers of his generation, Orcel continued to generate huge fees while running the show at UBS.
  3. ^ a b c d e f Enrich, David; Flitter, Emily (January 15, 2019). "Expecting a Huge Payout, Investment Banker Loses His New Job Instead". The New York Times. ISSN 0362-4331. Retrieved January 15, 2019.{{cite news}}: CS1 maint: url-status (link)
  4. ^ a b c d Scott, Mark (January 9, 2013). "UBS Executives Questioned by Parliament Over Rate-Rigging Case". DealBook. Retrieved September 26, 2018...the “Ronaldo of investment banking” — a reference to the Portuguese soccer star Cristiano Ronaldo...{{cite news}}: CS1 maint: postscript (link)
  5. ^ a b c d e f g "CV Andrea Orcel". UBS Global topics. September 27, 2018. Retrieved September 27, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  6. ^ a b c "Santander has great expectations for Andrea Orcel". Financial Times. September 26, 2018. Retrieved September 26, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  7. ^ a b c d e f Crow, David (March 3, 2019). "Andrea Orcel: 'I'm not a person that lets things go'". www.ft.com. Retrieved March 3, 2019.{{cite web}}: CS1 maint: url-status (link)
  8. ^ a b c d Crowe, Portia (September 25, 2018). "Honey, I shrunk the bank: Inside UBS's radical five-year plan". Financial News London. Retrieved December 1, 2018.
  9. ^ Abajo, Carlos Gómez (September 28, 2018). "Andrea Orcel, un mago de las fusiones en Santander". Cinco Días (in Spanish). Retrieved September 28, 2018.
  10. ^ "Executive Profile: Andrea Orcel". www.bloomberg.com. Retrieved October 4, 2018. He worked at the Boston Consulting Group for three years as a Senior Consultant in strategy and restructurings and at Goldman Sachs in fixed income. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  11. ^ a b c d e Partington, Richard (March 22, 2012). "Meet Andrea Orcel: The consummate dealmaker". Financial News London. Retrieved October 10, 2018.
  12. ^ a b c d e f g Noonan, Laura (September 26, 2018). "Andrea Orcel, UBS investment bank: More 'dad time', fewer assets". Financial Times. Retrieved September 26, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  13. ^ McGeehan, Patrick (January 28, 1997). "Merrill Lynch Posts 47% Gain, Capping Wall Street's Best Year". Wall Street Journal. Retrieved November 15, 2018.
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  16. ^ Treanor, Jill (May 22, 2017). "The RBS crisis: a timeline of events". The Guardian. ISSN 0261-3077. Retrieved December 1, 2018.
  17. ^ "RBS consortium bids record 95.64 bn dlr for ABN Amro". The Economic Times. May 29, 2007. Retrieved December 1, 2018.
  18. ^ a b Scott-Quinn, Brian (July 7, 2012). Commercial and Investment Banking and the International Credit and Capital Markets: A Guide to the Global Finance Industry and its Governance. Palgrave Macmillan. pp. 428–430. ISBN 9780230370494.
  19. ^ a b Shorter, James (March 15, 2013). "Orcel awarded $26.2m to join UBS". Financial Times. Retrieved October 3, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  20. ^ a b English, Simon (March 15, 2013). "UBS pays £17m 'golden hello' to the man who broke RBS". The Independent. Retrieved October 7, 2018.
  21. ^ Treanor, Jill (January 9, 2013). "Top UBS banker attacks City culture". The Guardian. Retrieved September 26, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  22. ^ Werdigier, Julia (March 3, 2013). "UBS Pays Investment Bank Chief $26 Million". DealBook. Retrieved October 6, 2018. ...UBS had awarded its new investment bank chief, Andrea Orcel, 24.9 million Swiss francs, or $26 million, in deferred cash and shares...
  23. ^ a b Agini, Samuel (September 26, 2018). "Santander picks long-time adviser Andrea Orcel as next CEO". Retrieved September 26, 2018.
  24. ^ a b c Guerrera, Francesco (December 12, 2016). "Who's to blame for Monte dei Paschi?". POLITICO EU. Retrieved December 1, 2018.
  25. ^ a b Winters, Patrick (April 3, 2018). "Top UBS Banker Has 'Very Aggressive Plan for U.S.'". www.bloomberg.com. Retrieved September 7, 2018. Fiat is like the bulge-bracket banks that are active on all the business segments, and they go for volume. UBS is like Ferrari: We are much smaller and focused. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  26. ^ Plender, John (May 13, 2014). "Welcome to the new era of bank downsizing". Financial Times. Retrieved October 7, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  27. ^ Bucher, Sara (September 26, 2018). "Orcel didn't do THAT well at UBS, as bankers there celebrate his departure". eFinancialCareers. Retrieved October 7, 2018.
  28. ^ Strasburg, Jenny (May 12, 2017). "Deutsche Bank's Big Shareholder Heavily Financed Its New Stake". WSJ. Retrieved December 1, 2018.
  29. ^ Newlands, Chris (September 3, 2018). "What went wrong at UBS: alleged rape victim shares her story". Financial Times. Retrieved October 7, 2018.
  30. ^ Newlands, Chris (September 13, 2018). "UBS chief comes face to face with alleged rape victim". Financial Times. Retrieved October 7, 2018.
  31. ^ Lacqua, Francine (August 1, 2018). "UBS's Andrea Orcel Says Eradicating Misconduct Is a Top Priority". www.bloomberg.com. Retrieved October 7, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  32. ^ Editorial (February 22, 2017). "UBS's CEO sees successor coming from within: Bilanz". Reuters. Retrieved October 7, 2018.
  33. ^ Nicolle, Emily (September 25, 2018). "Banco Santander appoints UBS' Orcel as new chief executive". Good Broker Guide. Retrieved October 10, 2018.
  34. ^ Montanari, Andrea (April 28, 2018). "Orcel chiamato al vertice del Santander - MilanoFinanza.it". www.milanofinanza.it (in Italian). Retrieved October 21, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  35. ^ "Andrea Orcel: Top Job in Sight". finews.com. January 13, 2016. Retrieved October 7, 2018.
  36. ^ "Andrea Orcel appointed Santander Group CEO from early 2019". www.santander.com. September 26, 2018. Retrieved September 26, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  37. ^ Agini, Samuel (September 26, 2018). "Santander poaches new CEO from UBS — former head of investment banking Andrea Orcel". MarketWatch. Retrieved September 26, 2018.
  38. ^ a b Clarke, Paul (September 26, 2018). "Andrea Orcel rules out big M&A at Santander". Retrieved September 26, 2018.
  39. ^ a b c Martinez, M. (October 19, 2018). "Santander compensará a Orcel por perder 20 millones de bonus en UBS". EXPANSION (in Spanish). Retrieved October 10, 2018.
  40. ^ "Banking: What Santander's failure to appoint Andrea Orcel as CEO means for the industry". Euromoney. January 16, 2019. Retrieved January 16, 2019.{{cite web}}: CS1 maint: url-status (link)
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  44. ^ "Banking: What Santander's failure to appoint Andrea Orcel as CEO means for the industry". Euromoney. January 16, 2019. Retrieved January 16, 2019.{{cite web}}: CS1 maint: url-status (link)
  45. ^ The Economist (January 18, 2019). "Andrea Orcel's move from UBS to Santander falls through". The Economist. ISSN 0013-0613. Retrieved March 10, 2020.{{cite news}}: CS1 maint: url-status (link)
  46. ^ Saigol, Duncan Mavin, Francesco Guerrera and Lina (January 18, 2019). "The real story behind Santander's dramatic U-turn on Andrea Orcel". www.fnlondon.com. Retrieved January 18, 2019.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  47. ^ Winters, Patrick (July 3, 2019). "Andrea Orcel Sues Santander for $113 Million After Withdrawal of CEO Job Offer". www.bloomberg.com. Retrieved July 3, 2019.{{cite web}}: CS1 maint: url-status (link)
  48. ^ Reuters, Emma Pinedo Reuters Jesús Aguado (February 14, 2020). "Spanish court rejects criminal lawsuit from Orcel against Santander". www.nasdaq.com. Retrieved February 14, 2020. {{cite web}}: |last= has generic name (help)CS1 maint: url-status (link)
  49. ^ "Orcel expects compensation from Santander for withdrawn CEO job - source". euronews. January 20, 2019. Retrieved January 20, 2019.{{cite web}}: CS1 maint: url-status (link)
  50. ^ Jackson, Paul (February 21, 2019). "Playing hardball". www.investorschronicle.co.uk. Retrieved February 21, 2019.{{cite web}}: CS1 maint: url-status (link)
  51. ^ Caplan, Brian (June 1, 2019). "Is Andrea Orcel right for HSBC?". www.thebanker.com. Retrieved June 1, 2019.{{cite web}}: CS1 maint: url-status (link)
  52. ^ a b Turner, Matt (February 16, 2017). "The head of UBS' investment bank on Trump, uncertainty, and challenging trading conditions". Business Insider. Retrieved October 7, 2018.
  53. ^ a b Raghavan, Anita (October 9, 2013). "A Deal Maker Tries to Tune Up UBS's Investment Bank". DealBook. Retrieved October 7, 2018. Nobody says Ferrari doesn't make cars or is too small to exist," says Andrea Orcel...
  54. ^ Burke, Tim (July 25, 2018). "Andrea Orcel: UBS is the Croatia of investment banking". Financial News London. Retrieved December 1, 2018.
  55. ^ Martin, Josh (June 1, 2016). "Frankie says relax: UBS bankers get two hours of personal time every week". www.cityam.com. Retrieved December 1, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  56. ^ "An Interview with ... Andrea Orcel". www.cityparents.co.uk. City Parents. March 31, 2017. Retrieved October 31, 2018. My strong view is the fathers should and need to do what is right for them and for their families, and I and UBS are fully supportive of employees taking Shared Parental Leave. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  57. ^ Treanor, Jill; Neate, Rupert (November 4, 2013). "UBS gave investment chief £17m as 'golden hello'". The Guardian. Retrieved September 26, 2013. Andrea Orcel advised RBS on the takeover of ABN Amro and was dubbed 'the Ronaldo of banking' by MPs. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  58. ^ "Andrea Orcel, el 'Ronaldo de la banca', fue banquero de confianza de Emilio Botín durante años - Noticiero Universal". Noticiero Universal (in European Spanish). September 26, 2018. Retrieved September 26, 2018.
  59. ^ CNBC (January 9, 2014). "UBS Says Cleaning Up Its Act After Libor 'Shocker'". CNBC. Retrieved September 26, 2018. Orcel, deemed a "deal junkie" by one committee member...
  60. ^ "Parliamentary Commission on Banking Standards: Andrea Orcel" (PDF). January 8, 2018. Retrieved September 26, 2018. Mr Orcel, you have a long record as an investment banker, and you have been described as a "deal junkie" in the financial press. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  61. ^ Hernandez, Carlos (May 25, 2018). "Quién es Andrea Orcel, el banquero más influyente en la familia Botín". El Confidencial (in Spanish). Retrieved December 1, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  62. ^ Siebt, Sebastian (January 18, 2019). "Andrea Orcel, le banquier trop gourmand devenu chômeur". France 24 (in French). Retrieved January 18, 2019.{{cite web}}: CS1 maint: url-status (link)
  63. ^ Britten, Nick (November 5, 2009). "London banker to be questioned in US over £25m Merrill Lynch bonus". Telegraph. ISSN 0307-1235. Retrieved October 10, 2018.
  64. ^ Turner, Matt (March 31, 2017). "The head of UBS' investment bank on Trump, uncertainty, and challenging trading conditions". Business Insider. Retrieved September 27, 2018. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  65. ^ Stiff, Peter (November 23, 2013). "Big shot: Andrea Orcel". The Times. ISSN 0140-0460. Retrieved September 26, 2018.
  66. ^ Sassard, Sophie (March 22, 2012). "Top Merrill dealmaker Orcel to join UBS-sources". Reuters. Retrieved September 26, 2018.
  67. ^ Villadron, Maria (September 29, 2018). "Enormemente temperamental: así es Andrea Orcel, el nuevo CEO del Santander". Vanity Fair (in Spanish). Retrieved October 7, 2018.
  68. ^ Strasburg, Jenny (May 12, 2017). "Deutsche Bank's Big Shareholder Heavily Financed Its New Stake". WSJ. Retrieved December 1, 2018.
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