Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.
UBS said on Thursday that it had awarded its new investment bank chief, Andrea Orcel, 24.9 million Swiss francs ($26 million) in deferred cash and shares to compensate him for pay he forfeited when he left Bank of America Merrill Lynch. The amount dwarfs the 8.87 million francs the bank paid its chief executive, Sergio P. Ermotti, in 2012. “In line with market practice, he received awards as a replacement for deferred compensation and benefits forfeited by his previous employer as a result of his joining UBS,” the bank wrote in its annual report released on Thursday. Mr. Orcel’s cash and share awards will vest over the next three years, and UBS did not disclose his 2012 compensation...Mr. Ermotti, who took over as chief executive at the end of 2011, hired Mr. Orcel to return the bank’s investment banking business to profitability. To repair the investment banking business, UBS has adopted a plan to eliminate 10,000 jobs and scale back its debt-trading business while focusing on less capital-intensive activities. The unit had a pretax loss of 2.73 billion francs last year.
UBS Pays Investment Bank Chief $26 Million [Dealbook]
UBS chief paid $9-million while unveiling plans to cut 10,000 staff [Globe And Mail]