Banco Santander said this week it would no longer hire Andrea Orcel, the outgoing boss of UBS’s investment bank, as its chief executive. The amount that the Spanish bank would have had to pay Mr Orcel to compensate him for deferred stock awards earned during his career at UBS was apparently just too much. Patrick Jenkins discusses what went wrong with David Crow and Stephen Morris.

Contributors: Suzanne Blumsom, executive editor, Patrick Jenkins, financial editor, David Crow, banking editor and Stephen Morris, European banking correspondent. Producer: Fiona Symon

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