No More Siestas At Banco Santander - Dealbreaker

No More Siestas At Banco Santander

New CEO Andrea Orcel is not the fun kind of Italian.
(Getty Images)

(Getty Images)

Not-so-Spanish Spanish bank Banco Santander is getting its third CEO in five years. For those members of the bank’s staff who like to take a traditional four-hour lunch sandwiched between a couple of naps, this is not good news, because the new boss is Andrea Orcel, who as head of UBS’ investment bank made very clear that he didn’t think much of vacations or weekends. And it worked, at least for Orcel. But if you’re holding out hope that the “perfect storm of challenges and changes from regulation, competitors and markets” have soften Orcel, you’re out of luck.

People who have worked with him describe him as a demanding leader who isn’t always open to criticism but gets the job done. Mr. Orcel couldn’t immediately be reached for comment. In a statement he said he is proud and excited to join Santander, calling it a “winning organization” that is embracing change.

Santander Names UBS Investment Bank Head Andrea Orcel as Next CEO [WSJ]


Bonus Watch '13: UBS

Not everyone received a package that resulted in a nice long cry. Andrea Orcel, for example, did pretty okay for himself.