Santander hires UBS investment bank chief Andrea Orcel as new CEO

Andrea Orcel
Reuters

• UBS investment banking head Orcel appointed as new
  group CEO of Santander.
• Orcel, a nine-year veteran of Switzerland’s largest
  bank, will join Santander from early 2019, Santander said in a
  statement.
• As a consequence of Orcel’s departure, UBS has
  named Piero Novelli and Robert Karofsky as the
  new co-heads of its investment banking division.

Andrea Orcel, the head of investment banking at UBS has left the
bank to become the new CEO of Spanish lender Santander, it was
announced on Tuesday.

Orcel, a nine-year veteran of Switzerland’s largest bank, will
join Santander from early 2019, Santander said in a statement.

“Delighted that Andrea Orcel is joining us as Group CEO. As we
continue to transform Santander his experience is invaluable.
Welcome Andrea,” Ana Botin, Santander’s executive chairman said
in a tweet shortly after the news was announced.

Orcel, who had headed UBS’ investment bank from 2012 onwards,
spent almost two decades with Merrill Lynch prior to joining the
bank.

As a consequence of Orcel’s departure, UBS has named Piero
Novelli and Robert Karofsky as the new co-heads of the
investment banking division, with the pair taking the reins from
October 1. Novelli is currently UBS’ head of corporate client
solutions, while Karofsky is global head of equities.

“Rob and Piero are well placed to continue driving the
success of the Investment Bank within our proven model. Both are
veterans of the industry with significant experience and I am
certain they will further advance our business,” Sergio Ermotti,
UBS’ CEO said.