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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.

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