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Andrea Orcel's Swiss sighting sparks rumours of a return to UBS

If you work for UBS and you like to receive 6am calls from your boss before he runs up a mountain, then great news. Swiss gossip website Inside Paradeplatz says Andrea Orcel has been seen in Zurich. He was allegedly there to discuss a new job with UBS.

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Orcel's (very) alleged new job would apparently entail him becoming co-CEO of UBS with Sergio Ermotti before becoming full CEO a few years later. 

UBS declined to comment on "speculation." Unicredit, where Orcel is currently CEO, didn't respond to a request to comment on claims of the imminent loss of its prize.

It's entirely possible that 61-year-old Orcel was simply in Zurich to run around the lake and see friends, but Inside Paradeplatz notes that UBS could a) benefit from his return after Ermotti observed an absence of broad based managerial talent in its senior ranks, b) UBS would probably pay Orcel handsomely for the role, and Orcel likes very much to maximize his income. 

Orcel earned €6.9m last year as CEO of Unicredit. Ex-UBS CEO Ralph Hamers earned $13m (€12m) for 2022. Given that Unicredit's share price rose 125% last year, Orcel would probably like more in the future if he stays on at the Italian bank. At the very least, being seen in Zurich should focus the minds of Unicredit's compensation committee as it decides his target pay for 2024.

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AUTHORSarah Butcher Global Editor

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