Andrea Orcel – Boutique-Bound?

The Italian banking star reached the peak of his career when he clinched the CEO job at Santander last autumn. The deal fell apart when both Andrea Orcel and the Spanish bank realized that buying him out of his UBS awards worth up to $50 million would be prohibitively expensive for a retail lender in a battered eurozone economy. Orcel is now on the warpath, poised to sue Santander and refusing a consolation prize job.

The investment banker was a contender to succeed Sergio Ermotti as CEO at UBS. He could turn up at one of the Swiss bank’s main rivals should a top job become available. Otherwise, he is likely to follow in the footsteps of Ken Moelis and launch an investment banking boutique.