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BREAKING NEWS

Andrea Orcel rejects advisory role at Santander – source

Andrea Orcel rejects advisory role at Santander – source
FILE PHOTO: Signage for Santander bank in London, Britain, February 14, 2012. REUTERS/Luke MacGregor/File Photo -
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(Reuters) - Andrea Orcel, who had an offer withdrawn to be CEO of Santander, has rejected an advisory role at the Spanish bank, according to a source familiar with the matter.

The Italian banker was seeking compensation from Santander after the bank withdrew its offer to make him chief executive earlier this year as it would not meet his pay expectations.

The decision, announced in January, raised questions about Sandanter's hiring process.

Santander and Orcel, who had been head of UBS's investment banking business, will continue talking, the source told Reuters.

Santander declined to comment. Orcel was not immediately available to comment.

(Reporting by Jesus Aguado; Writing by Sam Edwards. Editing by Ingrid Melander and Jane Merriman)

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