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Report: UBS delays former i-bank head's move to Santander

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Report: UBS delays former i-bank head's move to Santander

UBS Group AG has enforced former investment bank head Andrea Orcel's entire six-month garden leave, forcing him to wait until April before he could move into his new role as CEO of Banco Santander SA, Bloomberg News reported, citing people familiar with the matter.

Orcel was expected to join Santander in the early part of the first quarter, as officials of the Spanish lender hoped that his garden leave would be reduced because the two banks are not direct competitors, the people said.

Santander reiterated that Orcel will join in early 2019, as previously announced.