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UBS will make Orcel wait until April to take Banco Santander role: Bloomberg

Published 01/10/2019, 10:14 AM
Updated 01/10/2019, 10:14 AM
© Reuters.  UBS will make Orcel wait until April to take Banco Santander role: Bloomberg

© Reuters. UBS will make Orcel wait until April to take Banco Santander role: Bloomberg

  • Andrea Orcel, who was tapped to take the CEO role at Banco Santander (MC:SAN) (SAN +0.9%), will have to wait until April before he can start his new job after his current employer UBS Group (UBS +1.1%) decided to enforce Orcel's entire six-month "garden leave," Bloomberg reports, citing people familiar with the matter.
  • Garden leave refers to a period of time in which someone who submits their notice to resign remains on their current employer's payroll but isn't allowed to work.
  • Orcel was expected to start at Santander early in Q1 2019; Santander officials thought the leave would be reduced because the two banks aren't direct competitors.
  • Previously: Banco Santander names UBS exec as new CEO (Sept. 25, 2018)
  • Now read: Banco Santander: A 5.5B EUR Capital Deficit In The Stress Test Adverse Scenario Isn't A Big Issue


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