FN London

Financial News

News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Investment Banking

UniCredit will not buy out Andrea Orcel’s deferred UBS bonuses

Orcel is still embroiled in an ongoing legal case against Santander

By

Paul Clarke

Orcel left UBS in September 2018 after being offered the CEO role at Santander, but the Spanish lender later retracted the offer, citing concerns over the size of his pay package
Orcel left UBS in September 2018 after being offered the CEO role at Santander, but the Spanish lender later retracted the offer, citing concerns over the size of his pay package Photo: Getty Images

Incoming UniCredit chief executive Andrea Orcel stands to lose tens of millions of dollars in deferred compensation from his previous employer as he takes the top job at the Italian lender.

UniCredit will not offer any “buy out” of Orcel’s bonuses accumulated during his years at the helm of UBS’s investment bank, the Italian lender said in its latest compensation report.

WSJ Logo
Bank of England Keeps Rates Steady After Fed Move

Bank of England Keeps Rates Steady After Fed Move

Activist Investor Widens Call for Review of Rio Tinto’s Dual-Listing

Musk Draws First Blood With Spending Bill Bombshell

How the White House Functioned With a Diminished Biden in Charge

European Indexes Fall on Slower U.S. Rate Cut Projections