January 24, 2019 / 2:24 PM / a month ago

DAVOS-UBS CEO: return of ex-investment banking chief Orcel "not realistic"

DAVOS, Switzerland, Jan 24 (Reuters) - The return of investment banker Andrea Orcel to Swiss banking giant UBS is not a “realistic option”, UBS’s Chief Executive Sergio Ermotti told Reuters on Thursday.

Santander announced last year that it would appoint Orcel, at the time UBS’s investment banking chief, as CEO but this month said the appointment would no longer happen because of a complication over Orcel’s deferred pay.

“It is not a realistic option for all the stakeholders involved,” Ermotti said in an interview at the World Economic Forum when asked if Orcel would return to UBS.

Reporting by Alessandra Galloni, writing by Silvia Aloisi; Editing by Mark Trevelyan

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