- UBS investment banking head Andrea Orcel has been appointed the 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 named Piero Novelli and Robert Karofsky 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 UBS.
Within banking circles, Orcel is famed for his intense work rate. A Financial Times profile after his appointment at UBS said he is known to call staff as early as 5.00 am.
“He rises at 5am and often works late into the night, but still resorts to running up Zurich’s hills instead of around its idyllic lake so he can pack a notional 60 minutes of exercise into 30 minutes of brutal intensity,” a later profile said.
UBS named Piero Novelli and Robert Karofsky the new co-heads of the investment banking division on Tuesday as a consequence of Orcel’s departure. The pair take 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 in a statement.
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