UBS’s Andrea Orcel moves to Santander as CEO
(26 September 2018 – Europe) Banco Santander SA has appointed UBS Groups investment bank head Andrea Orcel as its new chief executive, a decision that reshapes the leadership of two of Europe’s biggest lenders.
Mr Orcel’s move to Santander renews a link between the banker and the Spanish lender that stretches back to when he worked for the late Chairman Emilio Botin. The move to CEO marks Mr Orcel’s ascent through Europe’s investment banking ranks and coincides with UBS’ shift away from investment banking in favour of more stable wealth management.
UBS has announced executive chairman of corporate client solutions Piero Novelli and equities head Robert Karofsky as Orcel’s replacements to co-head the investment bank.
Mr Novelli will focus primarily on corporate client solutions and Mr Karofsky on investor client services, according to a statement from the bank. Both will be members of the Swiss bank’s group executive board.
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