Thursday, March 14, 2013

UBS gave investment chief £17million as 'golden hello'

Swiss bank UBS has reignited the row over bankers' pay by handing the head of its investment bank Andrea Orcel almost Sfr25m (£17.5m) when he joined the bank last year.

In the face of a clampdown on high pay in Switzerland, the Swiss bank handed Orcel SFr6.3m in shares and 1.7m shares – worth SFr 18.5m – to buy him out of existing bonuses at his previous employer Bank of America Merill Lynch, where he was adviser to Royal Bank of Scotland during its ill-fated takeover of ABN Amro.

Orcel, who has admitted to the banking standards commission that banks had become "too arrogant, too self-convinced", is said to have received a £7.5m fee for the advice he gave to RBS on taking over ABN Amro, a deal which eventually lead to the £45bn taxpayer bailout of the Ediburgh-based bank.

The parliamentarians on the commission, set up in the wake of the Libor-rigging scandal, accused him of being a "deal junkie" and dubbed him the "Ronaldo of banking". Full story...

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