Andrea Orcel, the former top dealmaker at UBS, will have to wait until April to take on his new role as CEO at Banco Santander SA after the bank decided to enforce his entire six-month garden leave, people familiar with the matter said.
Bloomberg News reports that Orcel was expected to make the move early in the first quarter, the people said, asking not to be identified because the matter is private. In the Spanish bank’s September announcement it said he’d join in “early 2019,” and a related regulatory filing said his start date would be no earlier than January 1st.
Santander officials thought the garden leave could be reduced because the two banks aren’t direct competitors, the people said. UBS has previously waived garden leaves for lower-level executives. William Vereker, who left last year to join U.K. Prime Minister Theresa May as a business envoy, made the switch in less than six months.
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