Santander said late on Tuesday that it will no longer be appointing UBS executive Andrea Orcel as its new CEO.
The Spanish banking giant said that the level of compensation that was required to hire Orcel was "unacceptable."
The sticking point in bringing Orcel to Santander was years of compensation that had previously been deferred by UBS, which, owing to his departure, the Swiss bank was reluctant to pay.
Santander would have needed to pay Orcel upwards of €50 million ($57.1 million; £44.8...
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